In November 2025, the Securities and Futures Commission (SFC) issued its Circular on shared liquidity by virtual asset trading platforms (VATPs), which allows SFC-licensed VATP operators (Hong Kong VATP Operators) to integrate their order books with those of their affiliated overseas virtual asset trading platform operators (Overseas VATP Operators). The initiative permits orders from different platforms to be combined into an aggregate shared liquidity pool, enabling cross-platform order matching and execution through what is termed a Shared Order Book.