🇭🇰 Crypto licence in Hong Kong

The regime

The SFC's Virtual Asset Trading Platform (VATP) regime, in force June 2023, licenses exchanges — including for retail investors, which distinguishes Hong Kong from most of Asia. The HKMA's stablecoin issuer ordinance took effect August 2025, adding a licensing regime for fiat-referenced stablecoin issuance.

Hong Kong has positioned licensing as the front door of its digital-asset hub strategy: the SFC's licensed-platform list has grown from two at launch (OSL, HashKey) past ten, with a public queue of applicants behind it.

Requirements

• VATP licence from the SFC (licences under both the SFO and AMLO regimes for full coverage).
• Paid-up capital: HK$5 million minimum, plus liquid capital requirements.
• Custody: 98% of client virtual assets in cold storage, held via a wholly-owned custody subsidiary, with insurance/compensation arrangements.
• Retail access: allowed only in highly liquid, eligible large-cap tokens, with suitability and knowledge assessments.
• Stablecoin issuance: an HKMA licence under the 2025 ordinance, with full reserve backing and redemption at par.

Licensed firms

SFC-licensed VATPs include:

• OSL — one of the first two licensed platforms
• HashKey — one of the first two licensed platforms
• HKVAX — third licence, 2024

Snapshot, not the register: verify current status against SFC list of licensed VATPs before relying on it.

Can retail investors trade on licensed Hong Kong exchanges?

Yes — Hong Kong explicitly allows retail access on SFC-licensed VATPs, limited to eligible large-cap virtual assets and subject to suitability checks. That retail door is the regime's main draw versus regional rivals.

Who licenses stablecoins in Hong Kong?

The HKMA, under the stablecoin ordinance effective August 2025. Issuing a fiat-referenced stablecoin in Hong Kong (or referencing the HK dollar anywhere) requires an HKMA licence with full reserve backing.