[Hong Kong SFC Issues New Guidelines to Promote Development of Virtual Asset Trading Platforms] The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars to clarify operational standards for licensed virtual asset trading platforms, aiming to enhance global liquidity and expand the range of product services. The SFC allows platforms to share order books with affiliated overseas trading platforms to boost cross-platform trading liquidity and plans to explore the feasibility of licensed brokers transferring client trading instructions to regulated overseas liquidity pools. Additionally, the SFC permits platforms to sell virtual assets, stablecoins, and tokenized securities without a 12-month track record to professional investors and allows related entities to provide custody services.