HashKey Daily News Highlights（2025/11/04）
2025-11-04
1. The Hong Kong Securities and Futures Commission (SFC) allows licensed virtual asset trading platforms to share their listing lists with overseas platforms and has established a compensation mechanism
November 3rd, the Hong Kong Securities and Futures Commission (SFC) issued a circular regarding the sharing of liquidity among virtual asset trading platforms. This circular allows licensed virtual asset trading platform operators to integrate their listings with qualified overseas platform operators to share liquidity, enabling cross-platform trading and execution. Platforms must adopt Direct Verification (DVP) for both payment and banking, and monitor the limits on intraday settlement and unsettled transactions. They must also establish a reserve fund and insurance / indemnification arrangements in Hong Kong with a minimum limit to cover settlement asset risks. Market surveillance must be uniformly implemented and able to provide real-time transaction and customer data to the SFC. Before targeting retail markets, platforms must provide full risk disclosure and obtain customer selection, simultaneously applying for written approval, along with additional terms and conditions.
2. The Hong Kong Securities and Futures Commission (SFC) plans on expansion of products and services of virtual asset trading platforms, while relaxing the 12-month track record requirement
November 3rd, the Hong Kong Securities and Futures Commission (SFC) issued the "Circular on expansion of products and services of virtual asset trading platforms", proposing to expand the products and services of licensed virtual asset trading platforms: First, amend token inclusion requirements—virtual assets (including stablecoins) provided to professional investors will no longer require a 12-month track record; licensed stablecoins can be offered to retail investors and are exempt from this requirement. Second, clarify that platforms can distribute digital asset-related products and tokenized securities, and can open trust/client accounts for customers at custodians. Third, allow the custody of digital assets not traded on the platform through associated entities, subject to existing guidelines and risk controls; custody of tokenized securities may be exempted from Phase 2 assessments on a case-by-case basis.
3. Eddie Yue: The Hong Kong Monetary Authority (HKMA) will take the lead in demonstrating asset tokenization and will soon launch the Ensemble project pilot program
PANews reported on November 3rd that, "Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), outlined the "Fintech 2030" vision at the opening ceremony of Fintech Week. The vision aims to develop Hong Kong into a robust, resilient, and forward-thinking international fintech hub, focusing on four key areas encompassing over 40 specific projects. Among these initiatives, the HKMA will promote financial tokenization and foster a thriving tokenization ecosystem. The HKMA will lead by example in demonstrating asset tokenization, such as normalizing the issuance of tokenized government bonds, and exploring the feasibility of tokenizing Exchange Fund Bills and bonds. The HKMA will soon launch the Ensemble project pilot program to support real-world transactions and will continue to collaborate with industry stakeholders and other central banks to cultivate innovative tokenization use cases."
4. Ripple acquires Palisade, strengthening its digital asset custody and wallet services portfolio
PANews reported on November 4th that, "Ripple announced the acquisition of Palisade, a digital asset wallet and custody company, to expand its enterprise-grade crypto custody capabilities. The transaction amount was not disclosed. This acquisition is part of its strategic investment plan of over $4 billion by 2025, following previous acquisitions of Hidden Road ($1.25 billion), Rail ($200 million), and GTreasury ($1 billion)."
5. Lu Lei, Vice Governor of the People's Bank of China: The digital yuan will explore new models for cross-border payments
PANews reported on November 3rd that, "Lu Lei, Vice Governor of the People's Bank of China, stated that the PBOC attaches great importance to cross-border payment cooperation with Hong Kong, explores the use of various financial technology innovations, actively promotes cross-border payment connectivity, and facilitates the integrated development of the two regions' economies.In his speech at the Hong Kong Fintech Week Startup Festival, Lu Lei stated that the Cross-border Interbank Payment System (CIPS) has been continuously expanding its business in Hong Kong. In recent years, the system has successively added the northbound and southbound fund settlement functions of Bond Connect and launched Hong Kong dollar payment and clearing business. As of the end of September, there were 11 direct participants and 120 indirect participants in Hong Kong, providing safe and efficient cross-border clearing and settlement services for international trade and investment financing.He stated that in the future, the digital yuan will be used to explore new solutions for cross-border payments, including promoting multilateral central bank digital currency bridge cooperation and exploring new paradigms for cross-border payments; relying on the digital yuan cross-border payment platform to provide Chinese solutions for central bank digital currency cross-border payment cooperation; and building a dual platform of blockchain and digital assets to activate a new engine for the value internet."
6. Time magazine releases 2025 annual list of top 300 inventions, cryptocurrency and blockchain make the cut
BlockBeats News reported on November 3rd, "U.S. Time magazine released its annual "Best Inventions of 2025" list, covering various cutting-edge fields including cryptocurrency and blockchain, artificial intelligence, robotics, wearable technology, advanced materials, application software, education, among others. This year's list is the largest in the history of the ranking. Time magazine noted that cryptocurrency and blockchain are driving transformation in multiple industry sectors such as finance, security, and digital ownership."
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