Hong Kong launches world-first 24/7 trading of tokenised funds

Hong Kong's Securities and Futures Commission has approved the world's first secondary trading of tokenised public funds: two SFC-authorised tokenised money market funds began trading around the clock on Monday, October 26, on a licensed virtual asset trading platform, breaking the traditional pattern in which funds could only be subscribed and redeemed on business days.

First products and platform

The first batch consists of two ChinaAMC (HK) tokenised money market funds: the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund. Trading runs on PantherTrade, an SFC-licensed virtual asset trading platform wholly owned by Futu Holdings; retail users can buy and sell every day, including weekends and public holidays, subject to the platform's rules.

Until now, tokenised funds could only be subscribed and redeemed in the primary market. Secondary trading adds continuous quote matching, moving tokenised fund units from issuance toward circulation. Because money market funds have low volatility and short duration, market participants see them as cash-parking vehicles best suited to flexible, any-time access.

Framework and what comes next

The launch builds on a regulatory framework the SFC introduced in April 2026, covering trading-channel operations, fair pricing, liquidity provision and disclosure. Elisa Ng, the SFC's executive director of investment products, called the move an important milestone in the city's digital asset development, adding 24/7 trading capability to Hong Kong's tokenisation ecosystem.

The SFC said it will monitor trading closely and consider broadening the eligible product range over time, in light of market developments and experience gained. A further step is linking to tokenised-deposit functionality under the Hong Kong Monetary Authority's Project Ensemble, so investors can sell tokenised assets around the clock and instantly move proceeds into other opportunities. Whether secondary-market volume scales up, and whether market-making keeps spreads reasonable, remains to be seen.