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| Dimension |
Pinned 🇭🇰 Hong Kong partly open Verified 2026-10-16
|
🇱🇮 Liechtenstein
partly open
Verified 2026-10-16
|
|---|---|---|
| Licence type | 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). | MiCA CASP Authorisation granted by FMA Liechtenstein, operating alongside (and increasingly converged with) the pre-existing domestic TVTG (Token and VT Service Provider Act) registration regime |
| Regulator | 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. | Finanzmarktaufsicht (FMA) Liechtenstein |
| Capital requirement | Hong Kong capital requirement is included in the £349 pass. | Liechtenstein capital requirement is included in the £349 pass. |
| Timeline to authorisation | Hong Kong timeline to authorisation is included in the £349 pass. | Liechtenstein timeline to authorisation is included in the £349 pass. |
| Local substance | Hong Kong local substance is included in the £349 pass. | Liechtenstein local substance is included in the £349 pass. |
| Application cost | Hong Kong application cost is included in the £349 pass. | Liechtenstein application cost is included in the £349 pass. |
| Ongoing cost | Hong Kong ongoing cost is included in the £349 pass. | Liechtenstein ongoing cost is included in the £349 pass. |
| Passporting | Hong Kong passporting is included in the £349 pass. | Liechtenstein passporting is included in the £349 pass. |
| MiCA CASPs approved | Hong Kong mica casps approved is included in the £349 pass. | Liechtenstein mica casps approved is included in the £349 pass. |
| Key restrictions | Hong Kong key restrictions is included in the £349 pass. | Liechtenstein key restrictions is included in the £349 pass. |
| Recent changes | 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. | Bank Frick received MiCAR authorisation from FMA Liechtenstein on 20 January 2026, one of the first in the country under the new regime; FMA also authorised Bitcoin Suisse (Europe), the European arm of the Swiss group, covering trading, custody and staking for institutional/HNW clients. Smart Valor was authorised as a CASP under MiCAR Article 63 with effect from 1 Jul 2026, and Kaiser Partner Privatbank was authorised for certain crypto-asset services via the Article 60 notification route from 29 Jun 2026; the FMA confirmed the MiCAR transitional period ended on schedule on 1 Jul 2026. Further FMA authorisations followed: Floin AG (10 June 2026), Sygnum Europe AG (26 June 2026) and Damoon Technology (Europe) AG (10 July 2026), all announced on the FMA's own news feed. |
| Difficulty rating | Hong Kong difficulty rating is included in the £349 pass. | Liechtenstein 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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