Hong Kong
Hong KongAsia's most complete licensing stack: 13 licensed exchanges, a stablecoin law with two issuers, and dealing and custody rules still pending.
Key Regulatory Progress
Every law, rule and official guide on crypto in Hong Kong: 9 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)
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.
Read the original - GuidanceNot binding law
The Chief Executive's 2026 Policy Address
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.
Read the original - GuidanceNot binding law
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))
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.
Read the original - GuidanceNot binding law
Policy Statement 2.0 on the Development of Digital Assets in Hong Kong
Introduces the LEAP framework and commits to a unified licensing regime covering exchanges, stablecoin issuers, dealers and custodians.
Read the original - GuidanceNot binding law
Policy Statement on Development of Virtual Assets in Hong Kong
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.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
Lists of virtual asset trading platforms
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.
Read the original - In forceApplies today
Guidelines for Virtual Asset Trading Platform Operators
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.
Read the original - ConsultationDraft out for comment
Consultation Conclusions on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers
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.
Read the original - ConsultationDraft out for comment
Consultation Conclusions on Legislative Proposal to Regulate Dealing in Virtual Assets (with further consultation on VA advisory and management services)
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.
Read the original - ConsultationDraft out for comment
Consultation Conclusions on Legislative Proposal to Regulate Virtual Asset Custodian Services
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.
Read the original - GuidanceNot binding law
A high-level framework for virtual asset perpetual contracts
Allows licensed platforms to offer perpetual contracts to professional investors only, under leverage, margin and risk controls.
Read the original - GuidanceNot binding law
Circular on expansion of products and services of virtual asset trading platforms
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.
Read the original - GuidanceNot binding law
"A-S-P-I-Re" for a brighter future: SFC's regulatory roadmap for Hong Kong's virtual asset market
Sets out 12 initiatives under five pillars (Access, Safeguards, Products, Infrastructure, Relationships), including shared global liquidity and new OTC and custody regimes.
Read the original
Stablecoins & payments
Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.
- In forceApplies today
Register of Licensees under the Stablecoins Ordinance (Cap. 656)
The statutory register of licensed issuers: Anchorpoint Financial (FRS01) and HSBC (FRS02), both effective 10 April 2026.
Read the original - In forceApplies today
Stablecoins Ordinance (Cap. 656)
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.
Christopher HuiSecretary for Financial Services and the Treasury
Duncan ChiuMember of the Legislative Council (Technology and Innovation)
Johnny Ng Kit-chongMember of the Legislative Council (Election Committee constituency)
- In forceApplies today
Guideline on Supervision of Licensed Stablecoin Issuers
Sets detailed rules on reserve asset composition and segregation, redemption, risk management, disclosure and cross-border issuance for licensees.
Read the original - GuidanceNot binding law
LCQ6: Development and regulation of stablecoins
Confirms 36 applications in the first window, that the licensing bar will stay high, and that there is no fixed timetable for further licences.
Read the original - GuidanceNot binding law
Circular on provision of Relevant Stablecoin service by virtual asset trading platforms and licensed corporations
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.
Read the original - GuidanceNot binding law
Granting of stablecoin issuer licences
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.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- In forceApplies today
Circular on SFC-authorised funds with exposure to virtual assets
The current rules for public funds, including spot VA ETFs, with more than 10% VA exposure; supersedes the December 2023 and April 2025 versions.
Read the original - GuidanceNot binding law
Circular on secondary trading of tokenised SFC-authorised investment products
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.
Read the original - GuidanceNot binding law
Circular on intermediaries engaging in tokenised securities-related activities
Treats tokenised securities as securities and sets expectations on ownership and technology risk for intermediaries dealing in them.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers)
AML/CFT obligations for issuers, including customer due diligence at issuance and redemption, travel rule and on-chain monitoring.
Read the original
Tax
How gains, income and transactions are taxed.
- BillBefore the legislature
Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026
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.
Read the original - BillBefore the legislature
Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026
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.
Read the original - GuidanceNot binding law
Departmental Interpretation and Practice Notes No. 39 (Revised): Profits Tax, Digital Economy, Electronic Commerce and Digital Assets
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.
Read the original
Banks & prudential
What banks may hold, custody or issue.
- In forceApplies today
Supervisory Policy Manual CRP-1: Classification of Cryptoassets
Implements the Basel cryptoasset standard for banks from 1 January 2026, classifying holdings into groups that drive capital charges.
Read the original - GuidanceNot binding law
Circular: Virtual asset-related activities in relation to relevant stablecoins issued by licensed stablecoin issuers
Tells banks how they may deal in, advise on and manage portfolios holding licensed stablecoins, issued alongside matching SFC guidance.
Read the original
CBDC & tokenised money
Central-bank digital currency and tokenised deposit programmes.
- GuidanceNot binding law
HKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assets
Launches the EnsembleTX pilot for real-value tokenised deposit transactions, first settled via HKD RTGS and later in tokenised central bank money.
Read the original - GuidanceNot binding law
HKMA completes e-HKD Pilot Programme and outlines future direction of e-HKD
Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement.
Read the original
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