Hong Kong moves forward with licensing rules for crypto dealers and custodians
Hong Kong regulators will move ahead with new licensing requirements for virtual asset dealers and custodians, expanding the city’s efforts to strengthen oversight of the crypto industry.
In a statement released Wednesday, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) said they have completed public consultations on the proposed licensing regimes. Under the new framework, firms that provide crypto dealing or custody services in Hong Kong will be required to obtain licenses once the rules take effect.
The move builds on Hong Kong’s growing digital asset regulatory framework. Earlier in 2025, the city introduced its Stablecoin Ordinance, which created a licensing system for stablecoin issuers.
Hong Kong already requires cryptocurrency trading platforms to be licensed. The current mandatory regime replaced an earlier voluntary system launched in 2020, and so far, 11 platforms have received approval from the SFC.
Regulators said the latest licensing plans are part of a broader push to create a comprehensive framework for digital assets, covering trading, custody, stablecoins and tokenization.
SFC Chief Executive Officer Julia Leung said the expanded regulatory approach will help Hong Kong maintain its role in global digital asset markets by supporting a “trusted, competitive and sustainable” crypto ecosystem.
Alongside the announcement, the SFC also launched a separate public consultation on proposed licensing rules for crypto advisory and asset management services. These proposals would bring digital asset advisory and management activities under Hong Kong’s existing anti-money laundering and counter-terrorist financing laws.
The regulator said feedback from the consultation will help shape details such as licensing scope, enforcement powers and appeal mechanisms before the rules are finalized.
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