Cryptocurrency is legal in Hong Kong and operates within a comprehensive regulatory framework established under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Centralized virtual asset trading platforms carrying on business in Hong Kong or actively marketing services to Hong Kong investors are required to be licensed and regulated by the Securities and Futures Commission. Platforms providing trading services using automated trading engines that match client orders must obtain licenses under both regulatory regimes (1).
The licensing regime requires virtual asset trading platforms to demonstrate robust compliance with stringent requirements covering asset safeguarding, customer due diligence, and market integrity standards. Application fees are set at four thousand seven hundred forty Hong Kong dollars per regulated activity for licensed corporations and virtual asset service providers. The SFC has streamlined the application process allowing applicants seeking licenses under both regimes to submit a single consolidated application online indicating simultaneous applications for both licenses (1).
"Centralised virtual asset trading platforms carrying on their businesses in Hong Kong, or actively marketing their services to Hong Kong investors, are required to be licensed and regulated by the SFC."
From August 1, 2025, Hong Kong implemented a regulatory regime for stablecoin issuers under the Stablecoins Ordinance administered by the Hong Kong Monetary Authority. The business of issuance of fiat-referenced stablecoins became a regulated activity requiring a license in Hong Kong. The HKMA has published guidelines on supervision of stablecoin issuers and anti-money laundering expectations for licensed entities, with a register of licensed stablecoin issuers publicly available though currently containing no licensed issuers as applications are being processed (2).
Source:
https://www.sfc.hk/en/Rules-and-standards/Virtual-assets/Virtual-asset-trading-platforms-operators
https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/
Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
