According to Ash Crypto, Hong Kong will allow crypto exchanges to connect local users to global order books, ending its ring-fenced trading model, source: Ash Crypto on X, Nov 3, 2025. For traders, this reported shift points to potential liquidity depth gains and tighter spreads on Hong Kong-based venues as local flows tap global liquidity, with likely knock-on effects for BTC and ETH pairs during Asia trading hours, source: Ash Crypto on X, Nov 3, 2025. Market participants may monitor Hong Kong exchanges for changes in volume, spread behavior, and cross-exchange arbitrage efficiency as implementation details emerge, source: Ash Crypto on X, Nov 3, 2025.