Hong Kong proceeds with licensing regimes for virtual asset dealers and custodians

Hong Kong's Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) announced they are proceeding with legislating licensing regimes for firms providing virtual asset dealing or custody services in the city. This move expands Hong Kong's existing crypto regulatory framework, which already includes licensing for stablecoin issuers (under the Stablecoin Ordinance enacted in 2025) and mandatory licensing for crypto trading platforms built upon a 2020 opt-in framework. Regulators view this comprehensive approach, which also covers tokenization initiatives, as crucial for maintaining Hong Kong's position as a global digital asset hub by fostering a trusted and sustainable ecosystem, as stated by SFC CEO Julia Leung. Concurrently, the SFC launched a consultation seeking feedback on proposed licensing regimes for crypto advisory and management service providers, linking these proposals to existing Anti-Money Laundering (AML) and Counter-Terrorist Financing frameworks.

(Source：Cointelegraph)