Crypto & Digital Assets · Hong Kong
Crypto license in Hong Kong: SFC VATP requirements (2026)
Hong Kong shaded by its crypto & digital assets status
Crypto is regulated in Hong Kong, primarily under Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) VATP regime administered by the Securities and Futures Commission (SFC), the Stablecoins Ordinance (Cap. 656) administered by the Hong Kong Monetary Authority (HKMA), and the Securities and Futures Ordinance (Cap. 571) for security tokens; further dealer/custodian/adviser/manager licensing regimes scheduled for legislation in 2026..
Hong Kong treats crypto as legal but heavily regulated through a multi-pillar regime. A dedicated licensing regime for Virtual Asset Trading Platforms (VATPs) has been in force under the SFC since 2023, and the Stablecoins Ordinance for fiat-referenced stablecoin (FRS) issuers commenced on 1 August 2025, with the HKMA granting the first stablecoin issuer licences (to Anchorpoint Financial and HSBC) in April 2026. Parallel licensing regimes for VA dealers, custodians, advisers and managers are slated for legislation in 2026, and crypto retail is permitted on licensed platforms within the SFC's 'ASPIRe' roadmap.
How to get a crypto license in Hong Kong
To provide crypto-asset services in Hong Kong you need a Virtual Asset Trading Platform (VATP) licence, supervised by the Securities and Futures Commission (SFC), under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) VATP regime, in force since June 2023.
- Authority
- the Securities and Futures Commission (SFC)
- License required
- a Virtual Asset Trading Platform (VATP) licence
- Framework / law
- the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) VATP regime, in force since June 2023
- Minimum capital
- substantial — a minimum paid-up share capital of HK$5 million, plus liquid-capital requirements
- Timeline
- typically 9–12+ months; the SFC regime is demanding
- Cost
- application and annual fees plus heavy compliance, custody, insurance and audit costs
- Passporting
- No — an SFC VATP licence is specific to Hong Kong.
Hong Kong reopened to retail crypto trading under a mandatory SFC licensing regime; custody, insurance and token due-diligence rules are stringent.
Crypto license in Hong Kong: FAQ
Yes. To provide crypto-asset services in Hong Kong you need a Virtual Asset Trading Platform (VATP) licence, supervised by the Securities and Futures Commission (SFC), under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) VATP regime, in force since June 2023.
The Securities and Futures Commission (SFC).
Application and annual fees plus heavy compliance, custody, insurance and audit costs.
Typically typically 9–12+ months; the SFC regime is demanding.
Key points
The SFC operates a mandatory licensing regime for centralised virtual asset trading platforms under the AMLO (in force since 1 June 2023) plus the SFO Type 1/7 framework for security tokens; 47 platforms were licensed after a batch grant on 8 April 2026.
The Stablecoins Ordinance (Cap. 656) took effect on 1 August 2025, requiring HKMA licensing for issuers of fiat-referenced stablecoins issued in Hong Kong or pegged to HKD, with reserve-backing, redemption, audit and capital requirements; the HKMA issued the first two issuer licences on 10 April 2026.
On 24 December 2025 the FSTB and SFC published consultation conclusions on extending AMLO licensing to virtual asset dealing and custodian services, with a bill targeted for the Legislative Council in 2026; a further consultation on VA advisory and management services closed on 23 January 2026.
Tokenised securities are treated as securities under the SFO and subject to prospectus/authorisation requirements unless an exemption (e.g. professional investor) applies; in April 2026 the SFC permitted tokenised SFC-authorised investment products to trade on licensed VATPs in the secondary market.
Hong Kong has no capital gains tax; the IRD (per DIPN 39) treats crypto as virtual commodities and applies profits tax to trading/business activity using badges-of-trade, with no VAT/GST regime in Hong Kong.
There is no bespoke DeFi statute; the SFC applies a functional/technology-neutral test — where a regulated activity (e.g. dealing in securities, providing a VA trading service) is carried on by an identifiable controlling party, existing SFO/AMLO licensing requirements apply.
Timeline - major decisions & events
Hong Kong's dedicated licensing regime for fiat-referenced stablecoin issuers came into force, requiring HKMA licensing, 100% high-quality liquid reserve backing, and minimum HK$25m capital. It made Hong Kong one of the first major jurisdictions with a purpose-built stablecoin law.
HKMA ↗The FSTB issued its second policy statement, introducing the LEAP framework (legal/regulatory streamlining, expanding tokenised products, advancing use cases, people/partnerships) and committing to a unified regime covering exchanges, stablecoin issuers, dealers and custodians, plus regular tokenised government bond issuance.
HKSAR Government (FSTB) ↗Hong Kong's Legislative Council enacted the Stablecoins Ordinance, establishing the statutory licensing framework for issuers of specified (currency-referenced) stablecoins overseen by the HKMA. This was the legislative milestone preceding the regime's August 2025 commencement.
HKMA ↗The SFC published a 12-initiative roadmap across five pillars (Access, Safeguards, Products, Infrastructure, Relationships) to expand licensing to OTC and custody services and deepen Hong Kong's virtual asset market. It set the agenda for the next phase of regulatory build-out.
SFC ↗The SFC conditionally approved spot bitcoin and ether ETFs from ChinaAMC, Bosera/HashKey and Harvest, which debuted on the Hong Kong exchange on 30 April. Hong Kong became the first major Asian hub, and globally the first, to list a spot ether ETF.
CNBC ↗An unlicensed exchange, JPEX, collapsed amid fraud allegations affecting over 2,000 investors and roughly HK$1.4bn in claimed losses, triggering dozens of arrests. The case tested the new licensing regime and prompted the SFC to publish lists of licensed and suspicious platforms.
Hong Kong Free Press ↗The SFC upgraded OSL and HashKey Exchange to serve retail investors, the first platforms permitted to offer retail virtual asset trading (initially limited to bitcoin and ether). It marked the practical opening of regulated retail crypto access in Hong Kong.
SFC ↗The SFC's dual licensing regime for centralised virtual asset trading platforms took effect, requiring any platform operating in or marketing to Hong Kong to be licensed and allowing retail access subject to investor-protection rules. Pre-existing platforms were given transitional deadlines to apply or close.
SFC ↗LegCo passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022, making it an offence to operate a virtual asset exchange without an SFC licence. This statutory basis underpinned the June 2023 trading-platform regime.
Gibson Dunn ↗The FSTB published Hong Kong's foundational policy statement signalling openness to a regulated virtual asset hub under 'same business, same risks, same rules', flagging a VASP licensing regime, a stablecoin framework, possible VA ETFs and tokenised green bonds. It set the strategic direction for the current framework.
HKSAR Government (FSTB) ↗The SFC announced a regulatory framework placing virtual asset portfolio managers and fund distributors under its oversight (professional investors only) and an opt-in approach for trading platforms. This was Hong Kong's first formal step toward regulating crypto-related activity.
SFC ↗Hong Kong - other topics
Crypto & Digital Assets in other countries
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