Hong Kong Plans Four New Licenses for Core Virtual Asset Services
Hong Kong plans four dedicated licensing regimes for virtual asset dealing, custody, advisory and management services. The government expects to introduce legislation to the Legislative Council before the end of 2026, extending regulation across key parts of the crypto market.
The Financial Services and the Treasury Bureau and Securities and Futures Commission have already completed consultations on the framework. Regulators said the advisory and management regimes will follow the “same business, same risks, same rules” approach used for comparable securities activities. Earlier consultations also advanced dedicated regimes for virtual asset dealers and custodians.
The new framework would sit alongside Hong Kong’s existing licensing systems for crypto trading platforms and stablecoin issuers. The SFC said the broader regime should expand participation while strengthening investor protection and market safeguards. Firms preparing to offer advisory or management services are encouraged to begin pre-application discussions with regulators.
Why it matters
The rules could raise compliance costs while giving institutional investors clearer regulatory protections. The licensing expansion also reinforces Hong Kong's push to build a regulated digital asset hub.
