[Hong Kong Securities and Futures Commission: Licensed Virtual Asset Trading Platforms to Connect Overseas Liquidity via Overseas Affiliated Platforms] According to a report by Golden Finance, on November 3, Julia Leung, CEO of the Hong Kong Securities and Futures Commission (SFC), stated at Hong Kong Tech Week 2025 that the SFC's new policy will allow licensed virtual asset trading platforms to connect overseas liquidity through overseas affiliated platforms. Multiple safeguards will be implemented to reduce settlement and integrity risks. For example, overseas virtual asset trading platforms will be required to adopt delivery-versus-payment and pre-funding arrangements, establish reserve funds in Hong Kong for compensation purposes, and implement joint monitoring programs to strike an appropriate balance between convenience and protection. She emphasized that Hong Kong's regulatory framework is renowned for its visibility and transparency, providing clarity, certainty, and consistency to the market, thereby enhancing market participants' confidence and supporting sustainable market development. The SFC has taken the lead in adopting the principle of 'same business, same risks, same rules' and actively participates in the International Organization of Securities Commissions (IOSCO) in formulating regulatory principles for central digital asset platforms. This effort promotes the adoption of similar standards in regulatory frameworks, including the Markets in Crypto-Assets Regulation (MiCA). These coordinated efforts help strengthen connectivity and interoperability between markets.