Hong Kong licenses virtual asset trading platforms through the SFC on a dual basis: under the AMLO and, where the tokens traded are securities, under the SFO with Type 1 dealing and Type 7 automated trading permissions. Stablecoin issuance is licensed separately by the HKMA under the Stablecoins Ordinance, which commenced on 1 August 2025 and produced its first two issuer licences, for HSBC and Anchorpoint, on 10 April 2026. The SFC set out its ASPIRe roadmap in February 2025, issued staking guidance in April 2025, and concluded consultations on OTC dealing and custody licensing in December 2025 with legislation targeted for 2026. Around thirteen platforms were licensed by mid 2026.
The regime ranks among the most demanding globally. Paid-up capital is substantial, with a further liquid capital requirement on top, and HKMA stablecoin issuers face a materially higher minimum again. The SFC's own statutory fees are modest, but the mandatory external assessor's report and the legal and systems build make this one of the most expensive builds LicenceMap tracks. This is a long authorisation end to end: the SFC's processing pledge starts only once an application is complete, and the external assessment adds further time on top of the pre-application build.
Retail access is confined to eligible large-cap tokens admitted to acceptable indices, after token due diligence and client suitability and knowledge tests. Almost all client virtual assets must be held in cold storage, staking for clients needs SFC approval with no third-party custody, and marketing rules are strict. Substance requirements include a Hong Kong-incorporated or locally registered company with local premises and at least two fit-and-proper Responsible Officers actively supervising the business. The licence is territorial, with no regional passport. A functioning, actively streamlined pathway exists, but it is neither quick nor cheap.