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Hong Kong

Asia · Comprehensive

Hong Kong runs one of Asia's most explicit dual-track regimes — SFC-licensed VASPs for trading platforms and HKMA-licensed issuers for fiat-referenced stablecoins. Retail access is deliberately narrow, wholesale rails are being built fast, and enforcement against unlicensed solicitation is now visible.

DAI Methodology v2.1 Last updated June 2026
DAI Readiness Score™
84.5
out of 100
Regulatory & Enforcement Agencies

Securities and Futures Commission

SFC

Virtual asset trading platform licensing

Official website Crypto / VASP section
VASP applications: YesSAR reports: No

Hong Kong Monetary Authority

HKMA

Stablecoin issuer licensing and banking supervision

Official website Crypto / VASP section
VASP applications: YesSAR reports: No

Joint Financial Intelligence Unit

JFIU

Financial Intelligence Unit — STR reporting

Official website
VASP applications: NoSAR reports: Yes
Regulatory status

Comprehensive

Source
Primary regulator

Securities and Futures Commission (SFC) · HKMA

Source
Licensing requirements

VASP licensing under AMLO (June 2023); Type 1 & 7 SFC uplifts for security tokens; stablecoin licensing under HKMA Stablecoin Ordinance (2025).

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AML requirements

AMLO Schedule 2 obligations; Travel Rule since Jan 2024; annual AML/CFT return filed with SFC.

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Travel Rule status

Implemented — HKD 8,000 threshold; sunrise gap addressed via SFC circular (Nov 2024) requiring risk-based mitigation.

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Tax treatment

IRD DIPN 39: profits tax on trading; no CGT; stablecoin issuers taxed on issuance revenue.

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Consumer protection

Retail access limited to SFC-approved large-cap tokens; suitability + knowledge test required.

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Key legislation
2023
Anti-Money Laundering Ordinance (VASP amendments)

Mandatory VASP licensing for centralised exchanges serving HK.

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2025
Stablecoin Ordinance

HKMA-issued licences for fiat-referenced stablecoin issuers; reserve and redemption standards.

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Recent developments
2026-06-04
HKMA grants first three stablecoin licences

HKD- and USD-referenced issuers approved after 18-month sandbox.

Source
2026-03-18
SFC bans Bybit-branded HK marketing

Unlicensed solicitation of HK retail; enforcement escalates.

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Primary Sources & Official Documents
  1. 01
    SFC guidelines for virtual asset trading platform operators
    Securities and Futures Commission · Ongoing
    https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Virtual-asset-trading-platforms-operators
  2. 02
    Stablecoins Ordinance and HKMA supervisory framework
    Hong Kong Monetary Authority · 2025
    https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/fintech/
  3. 03
    Public register of licensed VATP operators
    Securities and Futures Commission · Live register
    https://apps.sfc.hk/publicregWeb/
  4. 04
    FATF Recommendations (including Recommendation 15 — new technologies)
    Financial Action Task Force · Updated periodically
    https://www.fatf-gafi.org/en/topics/fatfrecommendations.html
  5. 05
    FATF Targeted Update on Implementation of the Standards on VAs and VASPs
    Financial Action Task Force · Annual
    https://www.fatf-gafi.org/en/publications/Fatfrecommendations.html
  6. 06
    High-Risk and Other Monitored Jurisdictions (grey and black lists)
    Financial Action Task Force · Updated three times a year
    https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html

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Sources:SFC VASP register · HKMA Stablecoin Ordinance
Professional disclaimerDigital Asset Intelligence content is provided for informational purposes only and does not constitute legal, tax, investment, or compliance advice. Regulatory positions change frequently; verify all material with primary sources and qualified counsel before relying on it for licensing, supervisory, or compliance decisions.