FINANCE

Hong Kong Plans New Virtual Asset Licenses

Published: Dec. 25, 2025 6:53 p.m. GMT+8

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Hong Kong regulators plan to introduce two new license categories for virtual asset services, refining the city’s regulatory framework as it moves to align the sector with traditional financial regulation.

The Financial Services and the Treasury Bureau and the Securities and Futures Commission are proposing separate licenses for virtual asset advisory and management services, rather than regulating them under virtual asset dealing, according to a Wednesday statement.

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Hong Kong plans to introduce separate licenses for virtual asset advisory and management services, aligning with traditional financial regulation.
Firms must maintain at least HK$5 million in paid-up capital; standalone custody providers require HK$10 million.
Stablecoin licenses are expected in early 2026, and a consolidated regulatory bill will be submitted after more consultation.

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What Happened When

2025：: Hong Kong regulators plan to introduce two new license categories for virtual asset advisory and management services.

2025：: A statement from the Financial Services and the Treasury Bureau and the Securities and Futures Commission proposes these separate licenses.

2025：: Regulatory reforms will involve a dual-licensing approach for operators, covering Anti-Money Laundering and Counter-Terrorist Financing Ordinance, and Securities and Futures Ordinance requirements.

2025：: Proposals require firms licensed for virtual asset dealing, advisory, or asset management to maintain at least HK$5 million in paid-up share capital; standalone custody providers require at least HK$10 million.

After further market consultation in 2025：: Authorities aim to finalize legislative proposals for virtual asset dealing, custody, advisory, and asset management services.

AI generated, for reference only