licencemap
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Matrix / Hong Kong

🇭🇰 Hong Kong

SFC, VATP licence

Last verified 2026-07-01 Next review 2026-07-15

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).

Verified 2026-07-01 Source: SFC - VATP operators: https://www.sfc.hk/en/Rules-and-standards/Virtual-assets/Virtual-asset-trading-platforms-operators

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.

Verified 2026-07-01 Source: HKMA - Stablecoin issuers: https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/

Capital requirement 🔒

Timeline to authorisation 🔒

Local substance 🔒

Application cost 🔒

Ongoing cost 🔒

Passporting 🔒

MiCA CASPs approved 🔒

Key restrictions 🔒

Recent changes

SFC 'ASPIRe' roadmap (19 Feb 2025); VATP staking guidance (7 Apr 2025); HKMA Stablecoins Ordinance commenced 1 Aug 2025 with the first two issuer licences (HSBC, Anchorpoint) granted 10 Apr 2026; VA dealing (OTC) and custody licensing consultation conclusions 24 Dec 2025 (legislation targeted 2026). ~13 VATPs licensed by mid-2026 - confirm live count on the SFC list.

Verified 2026-07-01 Source: SFC - ASPIRe roadmap: https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/A-S-P-I-Re-for-a-brighter-future-SFCs-regulatory-roadmap-for-Hong-Kongs-virtual-asset-market

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.