Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
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| Dimension |
Pinned 🇫🇮 Finland partly open Verified 2026-10-01
|
🇭🇰 Hong Kong
partly open
Verified 2026-10-01
|
|---|---|---|
| Licence type | MiCA CASP authorisation (Articles 60-62), replacing Finland's prior national virtual-currency-provider registration regime (in force since 2019). | SFC Virtual Asset Trading Platform (VATP) licence on a dual basis: under the AMLO and, for tokens that are securities, under the SFO (Type 1 dealing + Type 7 automated trading). Stablecoin issuance is separately licensed by the HKMA under the Stablecoins Ordinance (Cap. 656). |
| Regulator | Finanssivalvonta (FIN-FSA, Finnish Financial Supervisory Authority) | SFC regulates VATPs and security-token activity; HKMA regulates stablecoin issuers and banks' VA activities. Staking and intermediary VA activity are covered by joint SFC-HKMA circulars. |
| Capital requirement | Finland capital requirement is included in the £349 pass. | Hong Kong capital requirement is included in the £349 pass. |
| Timeline to authorisation | Finland timeline to authorisation is included in the £349 pass. | Hong Kong timeline to authorisation is included in the £349 pass. |
| Local substance | Finland local substance is included in the £349 pass. | Hong Kong local substance is included in the £349 pass. |
| Application cost | Finland application cost is included in the £349 pass. | Hong Kong application cost is included in the £349 pass. |
| Ongoing cost | Finland ongoing cost is included in the £349 pass. | Hong Kong ongoing cost is included in the £349 pass. |
| Passporting | Finland passporting is included in the £349 pass. | Hong Kong passporting is included in the £349 pass. |
| MiCA CASPs approved | Finland mica casps approved is included in the £349 pass. | Hong Kong mica casps approved is included in the £349 pass. |
| Key restrictions | Finland key restrictions is included in the £349 pass. | Hong Kong key restrictions is included in the £349 pass. |
| Recent changes | FIN-FSA launched a public register of authorised CASPs and a warning list of unauthorised providers; the 6-month transition period closed 30 June 2025, requiring firms to already hold full MiCA authorisation. | The SFC register lists 13 licensed virtual asset trading platforms, with NewBX the latest licence on 18 May 2026. Consultation on the proposed dealing, custodian, advisory and management licensing regimes is complete. On 16 September 2026 the Government said it was still formulating the legislative proposals and continued to target introduction of the bill within 2026; no bill had yet been introduced. |
| Difficulty rating | Finland difficulty rating is included in the £349 pass. | Hong Kong difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
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