🇭🇰 Hong Kong analogue
SFC, VATP licence
Data verified: oldest cell 46 days ago (verified 2026-07-02). Individual cells show their own verification date below.
Licence type
No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584).
Regulator
Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime.
Capital requirement
Hong Kong capital requirement is included with access.Timeline to authorisation
Hong Kong timeline to authorisation is included with access.Local substance ⓘ
Hong Kong local substance is included with access.Application cost
Hong Kong application cost is included with access.Ongoing cost
Hong Kong ongoing cost is included with access.Passporting ⓘ
Hong Kong passporting is included with access.Key restrictions
Hong Kong key restrictions is included with access.Safeguarding
Hong Kong safeguarding is included with access.Recent changes
The separate Stablecoins Ordinance (Cap. 656) came into force 1 August 2025 and is administered by the HKMA. In April 2026 the HKMA granted the first stablecoin issuer licences, to Anchorpoint and HSBC, both for HKD-referenced stablecoins, requiring at least HK$25m paid-up capital and segregated reserve assets. SVF licensees under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584, the analogue regime in this row) are recognised as permitted offerors under the Stablecoins Ordinance and have a clear pathway to stablecoin issuance, but SVF and stablecoin-issuer licences remain two distinct licence types.
Difficulty rating ⓘ
Hong Kong difficulty rating is included with access.Know when Hong Kong moves
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Not legal advice. Entries marked placeholder or awaiting verification shouldn't be relied on. Verify with Hong Kong's regulator and qualified local counsel before acting.