Hong Kong

Asia's most complete licensing stack: 13 licensed exchanges, a stablecoin law with two issuers, and dealing and custody rules still pending.

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Licences

What it takes to operate in Hong Kong: 4 licences, who issues each, what it covers and who holds one.

Licences over time

New licences each year, those cancelled, revoked or surrendered, and how many hold one.

Hold a licence now: 13
New in 2026 so far: +2
Cancelled in 2026 so far: 0

Dates are the SFC register's dates of licence (for OSL and HashKey, their original opt-in licences of 2020 and 2022); no licensed platform has had its licence revoked or surrendered, and the deemed-to-be-licensed applicants that withdrew or closed (such as OKX, Gate.HK, Huobi HK, HKVAEX, Bybit's 2024 application and Matrixport HK) were never formally licensed, so they are not counted. From the official register and the regulator's notices, read 10 Oct 2026.

See the numbers

Year	New	Cancelled	Holders
2026 so far	+2	–	13
2025	+4	–	11
2024	+5	–	7
2022	+1	–	2
2020	+1	–	1

Virtual asset trading platform (VATP) licence

SFC · AMLO (Cap. 615) Part 5B; SFO (Cap. 571) Types 1 and 7 for security tokens

Operating a centralised exchange for virtual assets in Hong Kong or actively marketing one to Hong Kong investors.

What it takes

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 include

13holders, 5 Oct 2026Register

Stablecoin issuer licence

HKMA · Stablecoins Ordinance (Cap. 656), s.15

Issuing a fiat-referenced stablecoin in Hong Kong, or an HKD-referenced stablecoin anywhere in the world.

What it takes

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 include

2holders, 5 Oct 2026Register

Type 1 and Type 9 licences with virtual asset conditions

SFC · Securities and Futures Ordinance (Cap. 571); SFC joint circulars with the HKMA

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.

What it takes

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

No public countRegister

Virtual asset dealing, custodian, advisory and management licences (proposed)

SFC · Planned AMLO amendment bill; consultation conclusions of Dec 2025 and May 2026

OTC dealing and brokerage, standalone custody of private keys, and VA advice and portfolio management outside the existing regimes. Not yet in force.

What it takes

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

No public count

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