Regulation · Regime · Hong Kong · Guidance · Securities and Futures Commission
SFC framework for tokenised securities and tokenised SFC-authorised investment products
The Hong Kong SFC's circulars on tokenisation. The SFC treats tokenised securities as traditional securities in a tokenisation wrapper, so existing securities rules apply, with added expectations on ownership-record and technology risks for intermediaries. Tokenised SFC-authorised funds may be offered to the public, and since April 2026 tokenised authorised open-ended funds can also be traded on SFC-licensed virtual asset platforms.
In force · effective 2 Nov 2023
Key points
- Tokenised securities are traditional securities such as bonds or funds that use DLT in their lifecycle; existing legal and regulatory requirements continue to apply to them.[1]
- Retail secondary trading of tokenised SFC-authorised products is allowed through on-screen trading on SFC-licensed virtual asset trading platforms, mainly for open-ended funds.[2]
- Each tokenised product traded on a platform needs at least one market maker, with fair-pricing controls and disclosure in offering documents.[2]
What it covers
Fund interestDebt securityFund subscription and redemptionSecondary tradingPrimary issuance
Timeline
- 2 Nov 2023 · In forceSFC issues circulars on tokenised securities-related activities and on tokenisation of SFC-authorised products, replacing its 2019 statement on security token offerings.[3]
- 20 Apr 2026 · AmendedSFC replaces the products circular and permits secondary trading of tokenised authorised products on licensed platforms.[3]
Instruments
- SFC Circular on secondary trading of tokenised SFC-authorised investment products (26EC23)Guidance · In force · 20 Apr 2026
- SFC Circular on tokenisation of SFC-authorised investment products (23EC53)Guidance · Repealed · 2 Nov 2023
- SFC Circular on tokenisation of SFC-authorised investment products (26EC22)Guidance · In force · 20 Apr 2026
- SFC Circular on intermediaries engaging in tokenised securities-related activities (23EC52)Guidance · In force · 2 Nov 2023
Permissions granted under it
- SFC authorisation of the Baillie Gifford Enhanced Yield Fund for Hong Kong professional investorsBaillie Gifford
Deployments operating under it
None recorded with a source yet.
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Baillie Gifford Enhanced Yield Fund (BAGEY)Updated 6 Nov 2026 BNY | Live (limited) | Reviewed 13d ago | ||
| ChinaAMC (HK) tokenised digital money market fundsUpdated 28 Oct 2026 Standard Chartered | Live (scaled) | Reviewed 25d ago | ||
| CMB International USD Money Market Fund tokens (DigiFT)New DigiFT | Live (limited) | Reviewed 21d ago | ||
| CSOP Hong Kong Dollar Money Market ETF Unlisted Tokenised ClassNew HSBC | Announced | Reviewed 13d ago | ||
| Hong Kong government tokenised green bond on GS DAP (2023)Updated 14 Oct 2026 GS DAP | Inactive | Reviewed 25d ago | ||
| HSBC Orion digital bond issuanceUpdated 17 Oct 2026 HSBC Orion | Live (limited) | Reviewed 14d ago | ||
| Mastercard Multi-Token Network (MTN)Updated 6 Nov 2026 Mastercard | Proof of concept | Reviewed 24d ago | ||
| UBS Tokenize notes and warrants (Asia Pacific)New UBS Tokenize | Pilot | Reviewed 13d ago |
Sources
- [1]Circular on intermediaries engaging in tokenised securities-related activities — Securities and Futures Commission, 2 Nov 2023. Accessed 12 Oct 2026.A
- [2]Circular on secondary trading of tokenised SFC-authorised investment products — Securities and Futures Commission, 20 Apr 2026. Accessed 12 Oct 2026.A
- [3]Fintech Contact Point: Important links — Securities and Futures Commission. Accessed 12 Oct 2026.A