How is crypto regulated in Hong Kong?

Crypto regulation in Hong Kong is split by activity. The SFC licenses trading platforms and other crypto intermediaries, while the Hong Kong Monetary Authority (HKMA) licenses stablecoin issuers under the Stablecoins Ordinance. Crypto itself is legal to own, as covered in is crypto legal in Hong Kong; this guide explains the rules for firms.

How does the SFC virtual asset trading platform license work?

A centralised platform that operates in Hong Kong or actively markets to Hong Kong investors needs an SFC licence. Security tokens are covered by the Securities and Futures Ordinance, under Type 1 (dealing in securities) and Type 7 (automated trading) licences. Other tokens fall under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Because a token's status can change, the SFC says platforms should apply under both, which they can do in one application backed by an external assessor's report.

Rules finalised in May 2023 set the conduct standards:

• At least 98% of client assets held in cold storage, by a wholly owned subsidiary, with keys stored in Hong Kong.
• Compensation cover for 50% of client assets in cold storage and 100% of those held elsewhere.
• Retail trading allowed only in eligible large-cap tokens that appear in two acceptable indices.
• A travel rule requiring the sending firm to collect and pass on originator and recipient information.

What is the SFC's ASPIRe roadmap?

The SFC published ASPIRe in February 2025 to widen what licensed firms can offer. Since then it has set conditions for staking by licensed platforms (April 7, 2025), let platforms share order books with global affiliates (November 3, 2025), allowed affiliated market makers and margin financing for bitcoin and ether at certain brokers (February 11, 2026), and permitted secondary trading of tokenised SFC-authorised funds (April 20, 2026).

What new crypto licences is Hong Kong adding?

The Financial Services and the Treasury Bureau (FSTB) and the SFC concluded consultations on licensing crypto dealing and custody on December 24, 2025, and on advisory and management services in May 2026. They aim to introduce a bill in 2026 under the AMLO. Dealing would mirror the securities dealing licence, and dealers would have to use SFC-regulated custodians. Advisers that hold no client assets would need HK$100,000 in liquid capital, rising to up to HK$5 million paid-up and HK$3 million liquid capital where client assets are held. There will be no transitional period, though firms already approved by the SFC or HKMA get a faster process.

How does the Hong Kong stablecoin ordinance fit in?

Stablecoin issuance is the HKMA's job. Its regime began on August 1, 2025, and the first two licences went to Anchorpoint Financial and HSBC on April 10, 2026. The details are in how stablecoins are regulated in Hong Kong. Compare other crypto regulation in Asia in how crypto is regulated in Singapore.

Rules differ by country and change often. Check the official regulator or a qualified professional for your own situation.