Hong Kong proceeds with licensing regimes for virtual asset dealers and custodians

cointelegraphPublicado em 2025-12-24Última atualização em 2025-12-24

Resumo

Hong Kong regulators are moving forward with new licensing requirements for cryptocurrency dealers and custodians following the conclusion of consultations. The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) announced the decision, which is part of a broader effort to strengthen oversight of the digital asset sector. This builds on the city’s existing regulatory framework, which already mandates licensing for crypto trading platforms and recently enacted a stablecoin licensing regime. Hong Kong aims to position itself as a trusted crypto hub with comprehensive regulations covering stablecoins, tokenization, and now dealer and custody services. Separately, the SFC also launched a consultation for licensing crypto advisory and management service providers, linking the proposals to anti-money laundering and counter-terrorist financing rules.

Hong Kong regulators will proceed with legislating licensing regimes for crypto dealers and custodians after wrapping up consultations, as part of a broader push to tighten oversight.

In a Wednesday announcement, the city’s Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) said that they had concluded consultations on proposed licensing regimes, which would require firms providing crypto dealings or custody services in Hong Kong to obtain licenses once the framework takes effect.

The move adds to the city’s expanding crypto licensing framework. Earlier in 2025, Hong Kong brought its Stablecoin Ordinance into force, opening a new licensing regime for stablecoin issuers.

Hong Kong already requires crypto trading platforms to be licensed. The current mandatory regime builds on earlier opt-in framework introduced in 2020, with 11 companies having received approval from the SFC to date.

Hong Kong has rejected more applicants for its crypto exchange license than it approved. Source: SFC

Related: Crypto may enter insurers’ portfolios as Hong Kong reviews capital rules

Hong Kong’s broader crypto initiatives

Hong Kong has long expressed its ambitions to develop into a crypto hub. The city already functions as a financial hub with its business-friendly tax regimes and its reputation as a finance gateway between mainland China and global capital markets.

Beyond crypto licensing rules, Hong Kong has also tested tokenization initiatives. In Thursday’s announcement, regulators added that the pending introduction of licensing regimes for crypto dealers and custodians is part of the city’s effort to establish a comprehensive regulatory framework for digital assets alongside stablecoins and tokenization.

​Julia Leung, CEO of the SFC, said that the further development of Hong Kong’s crypto regulatory framework would help the city maintain its position in global digital asset market developments by “fostering a trusted, competitive and sustainable ecosystem.”

Related: Hong Kong launches CARF crypto tax consultation to combat evasion

New advisory and management consultation

The SFC also published a consultation paper on the same day, seeking public feedback on proposals to introduce licensing regimes for crypto advisory service providers and management service providers.

The consultation links the proposed regimes to Hong Kong’s existing Anti‐Mone‐Laundering (AML) framework and Counter‐Terrorist Financing Ordinance, and sets out how advisory and management activities involving digital assets will be brought within the regulatory framework.

It also invites comments on matters such as licensing scope, regulatory powers, sanctions and appeal arrangements, which will be taken into account in finalizing the proposals.

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Perguntas relacionadas

QWhat are the key licensing regimes that Hong Kong is proceeding with for virtual assets?

AHong Kong is proceeding with licensing regimes for virtual asset dealers and custodians, as well as for advisory service providers and management service providers.

QWhich regulatory bodies announced the conclusion of consultations on the proposed licensing frameworks?

AThe Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) announced the conclusion of consultations on the proposed licensing regimes.

QWhat earlier crypto-related licensing regime did Hong Kong bring into force in 2025?

AIn early 2025, Hong Kong brought its Stablecoin Ordinance into force, which opened a new licensing regime for stablecoin issuers.

QAccording to the SFC CEO, what is the goal of further developing Hong Kong's crypto regulatory framework?

AAccording to SFC CEO Julia Leung, the goal is to help Hong Kong maintain its position in global digital asset market developments by 'fostering a trusted, competitive and sustainable ecosystem'.

QWhat existing frameworks are the proposed licensing regimes for advisory and management services linked to?

AThe proposed regimes are linked to Hong Kong's existing Anti-Money Laundering (AML) framework and Counter-Terrorist Financing Ordinance.

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