The Securities and Futures Commission (SFC) in Hong Kong has just released two fresh circulars. These circulars aim to clearly define the expected benchmarks for operators of licensed virtual asset trading platforms.

One of the circulars grants platform operators the ability to aggregate trading instructions from their affiliated overseas platforms into a unified order book. This move is widely regarded as the initial stride in luring global platforms. Additionally, there's ongoing exploration into the viability of permitting licensed brokerage firms to forward customer trading instructions.

The other circular gives platform operators the green light to offer virtual assets that lack a 12 - month performance track record. It also allows them to trade stablecoins that have been licensed by the Hong Kong Monetary Authority. Moreover, they can sell tokenized securities and investment products related to digital assets to professional investors. At the same time, it permits their associated entities to offer custody services for assets that aren't traded on the platform itself.