The Hong Kong Securities and Futures Commission (SFC) has approved 24/7 secondary trading of two existing authorised tokenised money market funds on a licensed virtual asset trading platform, describing it as a world first for tokenised public funds. Trading in the ChinaAMC HKD Digital Money Market Fund and ChinaAMC USD Digital Money Market Fund has begun under the pilot framework introduced in April 2026.

The framework addresses pricing and liquidity risks, including those arising from trading outside normal market hours. Platforms should alert investors when execution prices deviate significantly from indicative net asset value and explain the alternative of primary subscription or redemption. Product providers should use their best endeavours to arrange at least one market maker and facilitate transfers between primary and secondary markets. Platforms and brokers should disclose liquidity and pricing risks and obtain confirmation that clients understand them before onboarding them for secondary trading.

The SFC will monitor trading activity and consider broadening the product scope beyond money market funds based on market developments and experience. Potential integration with tokenised deposit capabilities developed through collaboration with the Hong Kong Monetary Authority under Project Ensemble could support more efficient settlement and instant transfers of sale proceeds. These remain potential capabilities rather than features announced as available with the trading launch.

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