Hong Kong’s RWA breakthrough: secondary trading of tokenized funds goes live, with a regulatory framework on par with ETFs
The Hong Kong Securities and Futures Commission recently formally approved secondary market trading of tokenized funds, clarifying that they are subject to a regulatory framework similar to that for ETFs. This means RWA assets have officially moved from being “held on-chain” to becoming “tradable digital securities.”
Key highlights:
First to launch globally: Two tokenized money market funds (HKD and USD) managed by China Asset Management (Hong Kong) became the first public funds globally approved for secondary trading on a licensed VATP (Cheetah Trading).
24/7 trading: Breaking away from traditional trading hours, the funds support round-the-clock matching alongside real-time settlement, significantly improving capital efficiency.
“Dual-track” model and risk controls: Primary-market subscriptions and redemptions serve as a liquidity backstop, while prices are determined through secondary-market matching. Regulators require real-time iNAV references, pop-up alerts when price deviations exceed 0.5%, a five-minute cooling-off period, and market-making arrangements.
Despite the upgraded liquidity mechanisms, investors should remain alert to insufficient liquidity outside traditional trading hours, price fragmentation across platforms, and the risk of premiums or discounts on underlying assets during extreme market conditions.
Disclaimer: This is a summary of publicly available information only and does not constitute investment advice.
$BTC #RWA #香港代币化基金二级交易类ETF监管
The Hong Kong Securities and Futures Commission recently formally approved secondary market trading of tokenized funds, clarifying that they are subject to a regulatory framework similar to that for ETFs. This means RWA assets have officially moved from being “held on-chain” to becoming “tradable digital securities.”
Key highlights:
First to launch globally: Two tokenized money market funds (HKD and USD) managed by China Asset Management (Hong Kong) became the first public funds globally approved for secondary trading on a licensed VATP (Cheetah Trading).
24/7 trading: Breaking away from traditional trading hours, the funds support round-the-clock matching alongside real-time settlement, significantly improving capital efficiency.
“Dual-track” model and risk controls: Primary-market subscriptions and redemptions serve as a liquidity backstop, while prices are determined through secondary-market matching. Regulators require real-time iNAV references, pop-up alerts when price deviations exceed 0.5%, a five-minute cooling-off period, and market-making arrangements.
Despite the upgraded liquidity mechanisms, investors should remain alert to insufficient liquidity outside traditional trading hours, price fragmentation across platforms, and the risk of premiums or discounts on underlying assets during extreme market conditions.
Disclaimer: This is a summary of publicly available information only and does not constitute investment advice.
$BTC #RWA #香港代币化基金二级交易类ETF监管