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.

According to the source, reports claim Hong Kong will allow licensed crypto exchanges to connect local entities with global order books, but this has not been confirmed by any official SFC circular, press release, or Gazette notice at the time of writing (source: Hong Kong Securities and Futures Commission official website). Traders should wait for an SFC announcement and verify changes via the SFC’s News section, Circulars, and the Public Register of Licensed Persons and Registered Institutions before adjusting positions, given regulatory updates directly determine venue access, liquidity, and routing compliance in Hong Kong (source: Hong Kong Securities and Futures Commission official website).