Hong Kong to Roll Out New Licensing Requirements
Hong Kong regulators will move forward with new licensing regimes for crypto dealers and custodians, following completed consultations. Firms offering crypto dealing or custody services in Hong Kong will be required to obtain licenses once these rules take effect, further expanding the city’s crypto licensing framework. In early 2025, Hong Kong implemented a Stablecoin Ordinance, mandating licenses for stablecoin issuers. Eleven crypto trading platforms are currently licensed under a mandatory framework that built on a previous opt-in regime. These measures are part of Hong Kong’s strategy to strengthen its position as a global crypto hub, complementing other initiatives such as tokenization pilots. Regulators emphasize that a comprehensive digital asset regulatory structure—including for stablecoins, tokenization, and now crypto dealers and custodians—will support a trusted, competitive ecosystem. Additionally, the Securities and Futures Commission (SFC) published a consultation paper on proposed licensing for crypto advisory and management service providers, connecting these regimes with existing anti-money-laundering and counter-terrorist financing laws, and soliciting feedback on licensing scope, regulatory powers, sanctions, and appeals.
