2026年4月香港证监会观察：代币化重大突破 April 2026 SFC Watch: Tokenisation Breakthrough

引言 / Introduction 2026年4月标志着香港虚拟资产和基金代币化生态系统迎来了一个重要里程碑。香港证券及期货事务监察委员会（证监会）发布了关键通函，以此推进投资产品的合规代币化。这些更新立足于先前的指引，在保持强大的投资者保护和市场完整性的同时，催生了更大程度的创新。 April 2026 marked a significant milestone for Hong Kong’s virtual asset and fund tokenisation ecosystem, with the Securities and Futures Commission (SFC) issuing key circulars advancing regulated tokenisation of investment products. These updates build on prior guidance, enabling greater innovation while maintaining strong investor protections and market integrity. 官方来源 / Official Sources •通函编号：26EC22 (2026年4月20日) – 证监会认可投资产品的代币化（修订版） Circular Ref: 26EC22 (20 Apr 2026) – Tokenisation of SFC-authorised investment products (revised) •通函编号：26EC23 (2026年4月20日) – 代币化证监会认可投资产品的二级市场交易 Circular Ref: 26EC23 (20 Apr 2026) – Secondary trading of tokenised SFC-authorised investment products •通函编号：26EC19 (2026年4月15日) – 场外衍生工具监管制度下的金融服务提供者名单维持不变 Circular Ref: 26EC19 (15 Apr 2026) – No change to financial services providers list under OTC derivatives regime •致交易所参与者的其他营运通函（约2026年4月9日） Additional operational circulars to exchange participants (around 9 Apr 2026) 重点领域 / Highlighted Areas 1. 证监会认可投资产品的代币化 (26EC22) Tokenisation of SFC-Authorised Investment Products (26EC22) 修订后的指引更新了在香港向公众发售的证监会认可基金及其他投资产品进行代币化的要求。该指引涵盖了首次发行、赎回、披露和风险管理标准。 Revised guidance updating requirements for the tokenisation of SFC-authorised funds and other investment products offered to the public in Hong Kong. It covers primary issuance, redemption, disclosure, and risk management standards. 2. 代币化产品二级交易框架 (26EC23) Secondary Trading Framework for Tokenised Products (26EC23) 这是一份重要的新通函，确立了代币化证监会认可投资产品二级交易的试点框架，主要在获证监会发牌的虚拟资产交易平台（VATP）上进行。其内容包括公平定价、有序交易、流动性提供、信息披露以及视个别情况而定的场外交易（OTC）安排条款。 A major new circular establishing a pilot framework for secondary trading of tokenised SFC-authorised investment products, primarily on SFC-licensed Virtual Asset Trading Platforms (VATPs). It includes provisions for fair pricing, orderly trading, liquidity provision, disclosure, and case-by-case OTC arrangements. 3. 场外衍生工具监管更新 (26EC19)OTC Derivatives Regulatory Updates (26EC19) 确认在场外衍生工具监管制度下，负责清算和记录保存义务的金融服务提供者名单没有变化。 Confirmation of no changes to the list of financial services providers for clearing and record-keeping obligations under the OTC derivatives regime. 4. 交易所参与者指引Exchange Participant Guidance 向参与香港联合交易所（联交所）和香港期货交易所（期交所）的持牌法团发出营运提示。 Operational reminders to licensed corporations participating in The Stock Exchange of Hong Kong (SEHK) and Hong Kong Futures Exchange (HKFE). 这些通函代表了将代币化产品纳入香港主流金融市场的关键一步。 These circulars represent a key step in integrating tokenised products into Hong Kong’s mainstream financial markets. 整体评论 / General Comments 4月份发布的通函展示了证监会致力于将香港定位为代币化金融和Web3创新领先枢纽的持续决心。通过允许合规的二级市场交易，证监会正从单纯的首次发行迈向为代币化基金创造更具活力、更具流动性的市场——这一进展受到了业界参与者热烈欢迎。这些更新在创新与围绕托管、利益冲突、定价和投资者保护的强有力保障措施之间取得了平衡。配套的营运通函确保了市场基础设施的稳定。总体而言，这些措施预计将吸引更多机构和散户的参与，同时巩固香港的监管公信力。 April’s circulars demonstrate the SFC’s continued commitment to positioning Hong Kong as a leading hub for tokenised finance and Web3 innovation. By enabling regulated secondary trading, the SFC is moving beyond primary issuance to create more dynamic, liquid markets for tokenised funds — a development welcomed by industry participants. The updates balance innovation with robust safeguards around custody, conflicts, pricing, and investor protection. Complementary operational circulars ensure market infrastructure remains stable. Overall, these measures are expected to attract more institutional and retail participation while reinforcing Hong Kong’s regulatory credibility. 对持牌实体的建议考虑因素 / Suggested Considerations for Licensed Entities 持牌法团、基金经理、虚拟资产交易平台（VATP）营运商及中介人或须审阅通函全文，并考虑以下一般领域（这些内容并非穷尽，应结合专业意见进行定制）： Licensed corporations, fund managers, VATP operators, and intermediaries may wish to review the circulars in full and consider the following general areas (these are not exhaustive and should be tailored with professional input): •评估准备情况，以应对现有或新证监会认可产品的代币化，并落实二级交易安排。 Assess readiness for tokenising existing or new SFC-authorised products and implementing secondary trading arrangements. •更新相关政策，涉及代币化产品的披露、定价机制、流动性管理和风险控制。 Update policies on disclosure, pricing mechanisms, liquidity management, and risk controls for tokenised products. •加强治理、托管安排以及在与VATP和代币化资产打交道时的利益冲突管理。 Strengthen governance, custody arrangements, and conflict management when dealing with VATPs and tokenised assets. •审阅场外衍生工具记录保存义务，并确保符合交易所参与者的要求。 Review OTC derivatives record-keeping obligations and ensure compliance with exchange participant requirements. •进行内部差距分析，加强员工培训，并在需要事先咨询的情况下与证监会保持沟通。 Conduct internal gap analyses, enhance staff training, and engage with the SFC where prior consultation is required. •密切留心试点结果，并为未来代币化产品种类的潜在扩大做好准备。 Monitor pilot outcomes and prepare for potential expansion of tokenised product offerings. •鼓励各公司查阅官方通函，并寻求适合其业务发展的适当专家建议。 Firms are encouraged to consult the official circulars and seek appropriate specialist advice suited to their operations. 免责声明 / Disclaimer 本文仅作为一般概述，旨在提供信息参考，并基于有关证监会通函的公开资料编写。它不构成任何法律、监管、合规或专业建议。读者不应依赖本概述来代替审阅完整的官方通函及相关文件，亦不应代替寻求合格专业人士的独立意见。文中所载资料可能并不完整或并非最新，且监管要求可能会发生变化。对于基于本文内容所采取的任何行动或引起的任何遗漏，概不承担任何法律责任。持牌实体应直接咨询证监会或其自身的法律/合规顾问以获取具体指引。 This article is a general summary prepared for informational purposes only and is based on publicly available information regarding the SFC circulars. It does not constitute legal, regulatory, compliance, or professional advice. Readers should not rely on this summary as a substitute for reviewing the full official circulars and associated documents or obtaining independent advice from qualified professionals. The information may not be complete or up to date, and regulatory requirements can change. No liability is accepted for any actions taken or omissions based on this content. Licensed entities should consult the SFC directly or their own legal/compliance advisors for specific guidance.