licencemap
Informational only, not legal advice. Verify with qualified counsel before acting. Full disclaimer

🇭🇰 Hong Kong analogue

SFC, VATP licence

Crypto (CASP) E-Money (EMI)
Last verified 2026-07-03 Next review 2026-07-17

Data verified: oldest cell 1 day 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).

Verified 2026-07-03 Source: HKMA, https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/svf-licensees/

Regulator

Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime.

Verified 2026-07-03 Source: HKMA

Capital requirement 🔒

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Timeline to authorisation 🔒

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Local substance 🔒

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Application cost 🔒

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Ongoing cost 🔒

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Passporting 🔒

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EMIs authorised 🔒

Unlock emis authorised with the Founder Pass Source: hkma.gov.hk

Key restrictions 🔒

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Safeguarding 🔒

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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.

Verified 2026-07-03 Source: HKMA, https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/

Difficulty rating 🔒

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Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with Hong Kong's regulator and qualified local counsel before acting.