# Hong Kong crypto regulation From the Four Pillars Asia Digital Asset Policy Center. Cite as: Four Pillars Asia Digital Asset Policy Center, "Hong Kong crypto regulation", reviewed 2026-10-05, https://policy.4pillars.io/hong-kong. Free to reuse with attribution: cite "Four Pillars Asia Digital Asset Policy Center" and link to the page the fact comes from (each market has its own URL), and to the primary source where one is given. Terms: https://policy.4pillars.io/developers#attribution Page: https://policy.4pillars.io/hong-kong Region: East Asia. Last reviewed: 2026-10-05. > Asia's most complete licensing stack: 13 licensed exchanges, a stablecoin law with two issuers, and dealing and custody rules still pending. Hong Kong began cautiously. In 2019 the Securities and Futures Commission (SFC) offered an opt-in licence that only caught platforms trading security tokens, and OSL became the first licensee in December 2020, restricted to professional investors. The October 2022 policy statement changed course: same activity, same risk, same regulation, with retail access and spot ETFs on the table. The turning point was 1 June 2023, when an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance made an SFC licence mandatory for every centralised platform serving Hong Kong, whatever it lists. Retail investors could trade large-cap tokens on licensed venues for the first time. The JPEX collapse that September, involving about HKD 1.5 billion and more than 2,500 complaints, showed what the unlicensed alternative looked like. By May 2026 the SFC had licensed 13 platforms, from OSL and HashKey to the crypto arms of the brokers Futu and Tiger, and its ASPIRe roadmap has let them share global order books and list more products. The Stablecoins Ordinance took effect on 1 August 2025, and in April 2026 the Hong Kong Monetary Authority (HKMA) licensed just two issuers, Anchorpoint Financial and HSBC, out of 36 applicants. Separately, the HKMA has moved tokenised deposits into real-value pilots under EnsembleTX, and in September 2026 the Government priced its fourth digital green bond, about HKD 20 billion, settling the HKD tranche partly in tokenised deposits. For builders the path is clear but expensive: an exchange licence means an external assessor, 98% cold storage and months of review, and a stablecoin licence is effectively reserved for banks and bank-led consortia. The gap to watch is dealing, custody, advisory and management. All four were consulted on by May 2026, but as of early October 2026 the bill had not yet reached the Legislative Council, so OTC desks and standalone custodians remain outside a dedicated licence. ### Snapshot - Exchange licensing: Comprehensive. Mandatory SFC licence since June 2023; 13 platforms licensed, unchanged since May 2026 - Stablecoin regime: Comprehensive. Stablecoins Ordinance in force Aug 2025; 2 of 36 applicants licensed in April 2026 - Tokenisation & RWA: Comprehensive. SFC tokenisation circulars since 2023; secondary trading of tokenised funds allowed from April 2026 - Retail access: Comprehensive. Retail may trade vetted large-cap tokens on licensed platforms and buy spot BTC and ETH ETFs - Tax clarity: Partial. No capital gains tax; trading profits fall under profits tax; CARF reporting planned from 2027 ### Quick answers **Is crypto legal in Hong Kong?** Yes. Individuals can buy and sell crypto onshore through licensed providers. Retail may trade vetted large-cap tokens on licensed platforms and buy spot BTC and ETH ETFs. Four Pillars rates retail access in Hong Kong as comprehensive (reviewed 5 Oct 2026). **Who regulates crypto in Hong Kong?** Four authorities shape crypto rules in Hong Kong. SFC (Securities and Futures Commission): licenses and supervises virtual asset trading platforms, VA fund managers and brokers, and authorises VA ETFs. HKMA (Hong Kong Monetary Authority): licenses fiat-referenced stablecoin issuers, supervises banks' crypto activities and runs e-HKD and Project Ensemble. FSTB (Financial Services and the Treasury Bureau): sets digital asset policy and drafts the bills that create each new licensing regime. IRD (Inland Revenue Department): administers profits tax on digital asset trading and is implementing the OECD Crypto-Asset Reporting Framework. **Do crypto exchanges need a licence in Hong Kong?** Yes, under a dedicated regime. Mandatory SFC licence since June 2023; 13 platforms licensed, unchanged since May 2026. The main licences are Virtual asset trading platform (VATP) licence from SFC, held by 13 as of 5 Oct 2026; Stablecoin issuer licence from HKMA, held by 2 as of 5 Oct 2026; and Type 1 and Type 9 licences with virtual asset conditions from SFC. Four Pillars rates exchange licensing in Hong Kong as comprehensive (reviewed 5 Oct 2026). **Are stablecoins regulated in Hong Kong?** Yes, under a dedicated regime. Stablecoins Ordinance in force Aug 2025; 2 of 36 applicants licensed in April 2026. The most recent official text is LCQ6: Development and regulation of stablecoins (HKSAR Government (Legislative Council reply), 10 Jun 2026, guidance). Four Pillars rates its stablecoin regime in Hong Kong as comprehensive (reviewed 5 Oct 2026). **How is crypto taxed in Hong Kong?** No capital gains tax; trading profits fall under profits tax. Four Pillars rates tax clarity in Hong Kong as partial (reviewed 5 Oct 2026). **Can real-world assets be tokenised in Hong Kong?** Yes, under a dedicated regime. SFC tokenisation circulars since 2023; secondary trading of tokenised funds allowed from April 2026. Four Pillars rates tokenisation and real-world assets in Hong Kong as comprehensive (reviewed 5 Oct 2026). **What changed most recently in Hong Kong's crypto rules?** 16 Sep 2026: Policy Address backs stablecoin trading and tokenised RWAs. It commits to regulated stablecoins on licensed platforms and CBDC settlement under EnsembleTX. 12 Aug 2026: Anchorpoint launches HKDAP for professional investors. The first HKD stablecoin issued under the Ordinance, with retail access targeted for later. **What should companies watch next in Hong Kong?** The single AMLO amendment bill creating SFC licences for virtual asset dealing, custody, advisory and management, which the Government targets for introduction within 2026. Retail launch of the first licensed HKD stablecoins: HSBC named its coin HSBC RedCoin on 30 September 2026 and plans to launch it in PayMe and its HK app in the second half of 2026, and Anchorpoint's HKDAP targets retail after its professional-investor phase. Policy Address 2026 measures: regulated stablecoins trading on licensed platforms, tokenised gold and other RWAs, and CBDC settlement with 24/7 operations under EnsembleTX by around the end of 2026. ### Key numbers - 13 SFC-licensed virtual asset trading platforms (as of 2026-10-05) - 2 of 36 Stablecoin issuer applicants licensed by the HKMA (as of 2026-04-10) - HKD 25m Minimum paid-up capital for a licensed stablecoin issuer (as of 2025-08-01) - HKD 10.7bn AUM of tokenised classes of 13 public tokenised products (as of 2026-03-31) ### What to watch - The single AMLO amendment bill creating SFC licences for virtual asset dealing, custody, advisory and management, which the Government targets for introduction within 2026. - Retail launch of the first licensed HKD stablecoins: HSBC named its coin HSBC RedCoin on 30 September 2026 and plans to launch it in PayMe and its HK app in the second half of 2026, and Anchorpoint's HKDAP targets retail after its professional-investor phase. - Policy Address 2026 measures: regulated stablecoins trading on licensed platforms, tokenised gold and other RWAs, and CBDC settlement with 24/7 operations under EnsembleTX by around the end of 2026. - The Crypto-Asset Reporting Framework bill, before a LegCo Bills Committee since June 2026, which would require crypto service providers to register with the IRD and report from 1 January 2027. ### Regulators - **SFC**, Securities and Futures Commission: Licenses and supervises virtual asset trading platforms, VA fund managers and brokers, and authorises VA ETFs. Hong Kong's independent securities and futures regulator under the Securities and Futures Ordinance. It licenses brokers and fund managers, authorises public funds and polices market misconduct. Licenses virtual asset trading platforms under the AMLO, mandatory since 1 June 2023 (13 licensed as of October 2026), and authorises spot VA ETFs. Its ASPIRe roadmap sets its agenda, it flagged JPEX as unlicensed in September 2023, and it will run the planned dealing, custody, advisory and management licences. - **HKMA**, Hong Kong Monetary Authority: Licenses fiat-referenced stablecoin issuers, supervises banks' crypto activities and runs e-HKD and Project Ensemble. Hong Kong's central banking institution. It keeps the Hong Kong dollar linked to the US dollar, supervises banks and stored value facilities and runs the interbank payment systems. Licenses stablecoin issuers under the Stablecoins Ordinance, in force 1 August 2025; it granted just two licences, to Anchorpoint Financial and HSBC, from 36 applicants in April 2026. It also sets banks' crypto rules, including Basel capital treatment from 2026, and runs EnsembleTX and e-HKD work. - **FSTB**, Financial Services and the Treasury Bureau: Sets digital asset policy and drafts the bills that create each new licensing regime. The government bureau responsible for financial services and public finance policy. It sets the direction for the financial sector, drafts financial legislation and coordinates the financial regulators. Wrote the 2022 virtual asset policy statement and the 2025 Policy Statement 2.0 with its LEAP framework, and drafts the bills behind each regime. With the SFC it concluded consultations on dealing, custody, advisory and management licences and aims to introduce one bill within 2026. - **IRD**, Inland Revenue Department: Administers profits tax on digital asset trading and is implementing the OECD Crypto-Asset Reporting Framework. Hong Kong's tax authority. It assesses and collects profits tax, salaries tax, property tax and stamp duty, and runs automatic exchange of tax information with other jurisdictions. Under its DIPN 39 guidance, profits from trading digital assets as a business are subject to profits tax, while capital gains are not taxed. Its CARF bill, gazetted 22 May 2026 and now before LegCo, would require crypto service providers to register with it and report user transactions from 1 January 2027. ### Licences #### Virtual asset trading platform (VATP) licence - Regulator: SFC - Legal basis: AMLO (Cap. 615) Part 5B; SFO (Cap. 571) Types 1 and 7 for security tokens - Covers: Operating a centralised exchange for virtual assets in Hong Kong or actively marketing one to Hong Kong investors. - Requirements: Hong Kong-incorporated company with a physical office, at least two responsible officers and fit and proper directors; Client assets held on trust by a wholly owned custody subsidiary, with 98% in cold storage; Insurance or a compensation arrangement covering client virtual assets; Liquid capital and 12 months of operating expenses held in Hong Kong; Token admission due diligence, retail suitability and knowledge tests, and market surveillance; External assessor reports on systems and controls before and after licensing - Holders: 13 (as of 2026-10-05) - Notable holders: OSL Digital Securities, Hash Blockchain (HashKey Exchange), HKVAX, Bullish HK Markets, YAX (Tiger Brokers), Panthertrade (Futu), Victory Fintech (VDX), NewBX (Bixin.com) - Official register: - Page: https://policy.4pillars.io/hong-kong/licences#lic-1 #### Stablecoin issuer licence - Regulator: HKMA - Legal basis: Stablecoins Ordinance (Cap. 656), s.15 - Covers: Issuing a fiat-referenced stablecoin in Hong Kong, or an HKD-referenced stablecoin anywhere in the world. - Requirements: Hong Kong-incorporated company or authorized institution; Minimum paid-up share capital of HKD 25 million; Reserve assets at least equal to par value of coins in circulation, segregated and held on trust; Redemption at par on demand, and no interest paid to holders; Fit and proper management, risk management, disclosure and AML/CFT systems - Holders: 2 (as of 2026-10-05) - Notable holders: Anchorpoint Financial (Standard Chartered, HKT, Animoca Brands), The Hongkong and Shanghai Banking Corporation (HSBC) - Official register: - Page: https://policy.4pillars.io/hong-kong/licences#lic-2 #### Type 1 and Type 9 licences with virtual asset conditions - Regulator: SFC - Legal basis: Securities and Futures Ordinance (Cap. 571); SFC joint circulars with the HKMA - Covers: Brokers and banks dealing in virtual assets for clients through omnibus accounts with a licensed platform, and asset managers running VA portfolios or spot VA ETFs. - Requirements: Existing SFC licence or HKMA registration, varied with VA licensing conditions; Client orders routed only to SFC-licensed platforms; Suitability, knowledge assessment and concentration limits for retail clients; Custody of fund assets with a licensed platform or an authorized institution - Official register: - Page: https://policy.4pillars.io/hong-kong/licences#lic-3 #### Virtual asset dealing, custodian, advisory and management licences (proposed) - Regulator: SFC - Legal basis: Planned AMLO amendment bill; consultation conclusions of Dec 2025 and May 2026 - Covers: OTC dealing and brokerage, standalone custody of private keys, and VA advice and portfolio management outside the existing regimes. Not yet in force. - Requirements: Dealing regime to largely mirror the Type 1 securities dealing licence; Custody regime centred on safekeeping client private keys in Hong Kong; HKMA to act as frontline regulator for banks and stored value facilities; Bill targeted for introduction within 2026 (not yet introduced as of 5 October 2026); transitional arrangements to follow - Page: https://policy.4pillars.io/hong-kong/licences#lic-4 ### Timeline - 2019-11-06: SFC opens an opt-in platform regime. The position paper only reached platforms trading at least one security token, so Bitcoin-only venues stayed outside. - 2020-12-15: OSL becomes the first licensed platform. Licensed under the opt-in regime and restricted to professional investors. - 2022-10-31: Government issues its first virtual asset policy statement. It committed to retail access, spot ETFs and a mandatory licensing regime for platforms. - 2023-06-01: Mandatory VATP licensing takes effect. Every centralised platform serving Hong Kong now needs an SFC licence, and retail trading is permitted. - 2023-09-13: SFC names JPEX as unlicensed. Police later reported about HKD 1.5 billion involved, over 2,500 complaints and 28 arrests by mid-October. - 2024-04-30: Asia's first spot Bitcoin and Ether ETFs list on HKEX - 2025-02-19: SFC publishes the ASPIRe roadmap. Five pillars and 12 initiatives, including new regimes for OTC dealing and custody. - 2025-08-01: Stablecoins Ordinance takes effect. Issuing a fiat-referenced stablecoin in Hong Kong, or an HKD-referenced one anywhere, needs an HKMA licence. - 2025-12-24: Dealing and custody consultation conclusions published. Both regimes will sit with the SFC; a further consultation on advisory and management followed. - 2026-04-10: HKMA grants the first two stablecoin issuer licences. Anchorpoint Financial (Standard Chartered, HKT, Animoca Brands) and HSBC, from 36 applications. - 2026-08-12: Anchorpoint launches HKDAP for professional investors. The first HKD stablecoin issued under the Ordinance, with retail access targeted for later. - 2026-09-16: Policy Address backs stablecoin trading and tokenised RWAs. It commits to regulated stablecoins on licensed platforms and CBDC settlement under EnsembleTX. ### Primary sources - [The Chief Executive's 2026 Policy Address](https://www.policyaddress.gov.hk/2026/en/policy.html). HKSAR Government, 2026-09-16, guidance. Commits the SFC to enhance VA licensing, allow regulated stablecoins to trade on licensed platforms and support tokenised gold and other RWAs, and the HKMA to add CBDC settlement to EnsembleTX. - [Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026](https://www.info.gov.hk/gia/general/202606/12/P2026061200200.htm). Financial Services and the Treasury Bureau (FSTB), 2026-06-12, bill (second reading debate yet to resume). Would add digital assets, including HKD stablecoins, to the qualifying investments of the tax-exempt regimes for funds and single family offices. Gazetted 12 June 2026; not yet passed. People behind it: Christopher Hui (Secretary for Financial Services and the Treasury). - [LCQ6: Development and regulation of stablecoins](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm). HKSAR Government (Legislative Council reply), 2026-06-10, guidance. Confirms 36 applications in the first window, that the licensing bar will stay high, and that there is no fixed timetable for further licences. - [Background brief on the proposed regulatory regime for providers of VA dealing, custodian, advisory and management services (LC Paper No. CB(1)530/2026(07))](https://www.legco.gov.hk/yr2026/english/panels/fa/papers/fa20260601cb1-530-7-e.pdf). Legislative Council Panel on Financial Affairs, 2026-06-01, guidance. LegCo's own summary of where the regimes stand: 13 licensed VATPs at end-May 2026, two stablecoin licensees, and the four-regime bill still to be introduced. - [Lists of virtual asset trading platforms](https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms). Securities and Futures Commission (SFC), 2026-05-29, in force. The official lists of licensed platforms, applicants and closed platforms; last updated 29 May 2026 and still showing 13 licensed operators when checked on 5 October 2026. - [Circular on provision of Relevant Stablecoin service by virtual asset trading platforms and licensed corporations](https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=26EC26). Securities and Futures Commission (SFC), 2026-05-27, guidance. Sets the SFC's standards for licensed platforms and brokers dealing in stablecoins issued by HKMA licensees, including lifting the retail liquidity and index tests for them. - [Circular on SFC-authorised funds with exposure to virtual assets](https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=26EC31). Securities and Futures Commission (SFC), 2026-05-27, in force. The current rules for public funds, including spot VA ETFs, with more than 10% VA exposure; supersedes the December 2023 and April 2025 versions. - [Circular: Virtual asset-related activities in relation to relevant stablecoins issued by licensed stablecoin issuers](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/20260527-3-EN). Hong Kong Monetary Authority (HKMA), 2026-05-27, guidance. Tells banks how they may deal in, advise on and manage portfolios holding licensed stablecoins, issued alongside matching SFC guidance. - [Consultation Conclusions on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers](https://www.fstb.gov.hk/fsb/en/publication/consult/doc/VASPVAMSP_consultation_conclusion_e.pdf). FSTB and SFC, 2026-05-26, consultation. Confirms advisory and management licences modelled on Type 4 and Type 9, and targets introducing the bill for all four new regimes into LegCo within 2026. - [Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026](https://www.ird.gov.hk/eng/tax/aeoi/crs_bill_2026.htm). Inland Revenue Department (IRD), 2026-05-22, bill (before the Legislative Council). Gazetted 22 May 2026 and given its first reading on 3 June 2026; would require crypto-asset service providers to register with the IRD and report user transactions from 1 January 2027. Not yet passed. People behind it: Joseph Chan Ho-lim (Under Secretary for Financial Services and the Treasury). - [Register of Licensees under the Stablecoins Ordinance (Cap. 656)](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/). Hong Kong Monetary Authority (HKMA), 2026-04-23, in force. The statutory register of licensed issuers: Anchorpoint Financial (FRS01) and HSBC (FRS02), both effective 10 April 2026. - [Circular on secondary trading of tokenised SFC-authorised investment products](https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=26EC23). Securities and Futures Commission (SFC), 2026-04-20, guidance. Pilots secondary trading of tokenised public funds on licensed platforms, issued with a revised tokenisation circular; the SFC reported 13 tokenised products with tokenised-class AUM of HKD 10.7 billion. - [Granting of stablecoin issuer licences](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/). Hong Kong Monetary Authority (HKMA), 2026-04-10, guidance. Announces the first two licences, to Anchorpoint Financial and HSBC, effective the same day, and says both plan to launch business within a few months. - [A high-level framework for virtual asset perpetual contracts](https://www.sfc.hk/-/media/EN/files/ER/SFC-Perpetual-Framework/SFC-Perpetual-Framework-ENG.pdf). Securities and Futures Commission (SFC), 2026-02-11, guidance. Allows licensed platforms to offer perpetual contracts to professional investors only, under leverage, margin and risk controls. - [Supervisory Policy Manual CRP-1: Classification of Cryptoassets](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20251125-15-EN/CRP-1.pdf). Hong Kong Monetary Authority (HKMA), 2026-01-01, in force. Implements the Basel cryptoasset standard for banks from 1 January 2026, classifying holdings into groups that drive capital charges. - [Consultation Conclusions on Legislative Proposal to Regulate Dealing in Virtual Assets (with further consultation on VA advisory and management services)](https://www.fstb.gov.hk/fsb/en/publication/consult/doc/VAdealing_consultation_conclusion_e.pdf). FSTB and SFC, 2025-12-24, consultation. Confirms a new SFC licence for VA dealing, largely aligned with the Type 1 securities licence and covering OTC shops, brokers and dealing on own account. The bill had not been introduced into LegCo as of 5 October 2026. - [Consultation Conclusions on Legislative Proposal to Regulate Virtual Asset Custodian Services](https://www.fstb.gov.hk/fsb/en/publication/consult/doc/Custodian_consultation_conclusion_e.pdf). FSTB and SFC, 2025-12-24, consultation. Confirms an SFC licence for custodians that safeguard private keys of client virtual assets outside licensed platforms. The bill had not been introduced into LegCo as of 5 October 2026. - [HKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assets](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/11/20251113-3/). Hong Kong Monetary Authority (HKMA), 2025-11-13, guidance. Launches the EnsembleTX pilot for real-value tokenised deposit transactions, first settled via HKD RTGS and later in tokenised central bank money. - [Circular on expansion of products and services of virtual asset trading platforms](https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=25EC57). Securities and Futures Commission (SFC), 2025-11-03, guidance. Loosens token admission rules, lets platforms distribute tokenised securities and licensed stablecoins, and updates custody requirements; issued with a companion circular on shared order books. - [HKMA completes e-HKD Pilot Programme and outlines future direction of e-HKD](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/10/20251028-4/). Hong Kong Monetary Authority (HKMA), 2025-10-28, guidance. Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement. - [Stablecoins Ordinance (Cap. 656)](https://www.elegislation.gov.hk/hk/cap656). Legislative Council / Department of Justice (Hong Kong e-Legislation), 2025-08-01, in force. Requires an HKMA licence to issue fiat-referenced stablecoins in Hong Kong or HKD-referenced ones anywhere, with full reserves, par redemption and HKD 25 million minimum capital. Commenced 1 August 2025. People behind it: Christopher Hui (Secretary for Financial Services and the Treasury); Duncan Chiu (Member of the Legislative Council (Technology and Innovation)); Johnny Ng Kit-chong (Member of the Legislative Council (Election Committee constituency)). - [Guideline on Supervision of Licensed Stablecoin Issuers](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf). Hong Kong Monetary Authority (HKMA), 2025-08-01, in force. Sets detailed rules on reserve asset composition and segregation, redemption, risk management, disclosure and cross-border issuance for licensees. - [Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers)](https://www.hkma.gov.hk/media/eng/doc/key-functions/banking-stability/aml-cft/Guideline_on_Anti-Money_Laundering_and_Counter-Financing_of_Terrorism_For_Licensed_Stablecoin_Issuers_eng.pdf). Hong Kong Monetary Authority (HKMA), 2025-08-01, in force. AML/CFT obligations for issuers, including customer due diligence at issuance and redemption, travel rule and on-chain monitoring. - [Policy Statement 2.0 on the Development of Digital Assets in Hong Kong](https://gia.info.gov.hk/general/202506/26/P2025062600269_500089_1_1750909574183.pdf). Financial Services and the Treasury Bureau (FSTB), 2025-06-26, guidance. Introduces the LEAP framework and commits to a unified licensing regime covering exchanges, stablecoin issuers, dealers and custodians. - ["A-S-P-I-Re" for a brighter future: SFC's regulatory roadmap for Hong Kong's virtual asset market](https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/A-S-P-I-Re-for-a-brighter-future-SFCs-regulatory-roadmap-for-Hong-Kongs-virtual-asset-market). Securities and Futures Commission (SFC), 2025-02-19, guidance. Sets out 12 initiatives under five pillars (Access, Safeguards, Products, Infrastructure, Relationships), including shared global liquidity and new OTC and custody regimes. - [Circular on intermediaries engaging in tokenised securities-related activities](https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=23EC52). Securities and Futures Commission (SFC), 2023-11-02, guidance. Treats tokenised securities as securities and sets expectations on ownership and technology risk for intermediaries dealing in them. - [Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)](https://www.elegislation.gov.hk/hk/cap615). Legislative Council / Department of Justice (Hong Kong e-Legislation), 2023-06-01, in force. Part 5B and Schedule 3B, in force from 1 June 2023, make an SFC licence mandatory for any virtual asset trading platform operating in or marketing to Hong Kong. - [Guidelines for Virtual Asset Trading Platform Operators](https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/Guidelines-for-Virtual-Asset-Trading-Platform-Operators/Guidelines-for-Virtual-Asset-Trading-Platform-Operators.pdf). Securities and Futures Commission (SFC), 2023-06-01, in force. The core rulebook for licensed platforms: custody in a subsidiary with mostly cold storage, token admission criteria, retail suitability checks, market surveillance and 12 months of liquid capital. - [Policy Statement on Development of Virtual Assets in Hong Kong](https://gia.info.gov.hk/general/202210/31/P2022103000454_404805_1_1667173469522.pdf). Financial Services and the Treasury Bureau (FSTB), 2022-10-31, guidance. The Government's first crypto policy statement, setting the same activity, same risk, same regulation principle and opening the way to retail trading and spot ETFs. - [Departmental Interpretation and Practice Notes No. 39 (Revised): Profits Tax, Digital Economy, Electronic Commerce and Digital Assets](https://www.ird.gov.hk/eng/pdf/dipn39.pdf). Inland Revenue Department (IRD), 2020-03, guidance. Explains that gains from digital assets held as trading stock are subject to profits tax while capital gains are not, applying the usual badges of trade.