The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) today launched a joint consultation to introduce regulatory regimes for virtual asset (VA) dealing and custodian service providers.

The proposed regimes extend Hong Kong's efforts in fostering a secure, robust and globally competitive VA ecosystem, guided by the Government's latest policy statement on digital asset development. They also drive progress along the SFC's ASPIRe roadmap by attracting qualified participants to the city and enhancing investors'choice, while integrating Hong Kong's VA liquidity with the world's (Note 1).

The proposals will empower the SFC to license and supervise VA dealers and custodians, as well as enforce relevant regulations. The SFC will also be responsible for setting the expected standards for these two important types of service providers to ensure robust investor protection and market integrity based on the “same business, same risks, same rules” principle. This puts our plans under the ASPIRe roadmap into action as the SFC continues to prioritise sustainability in nurturing a dynamic and secure digital asset market.

The Chief Executive Officer of the SFC, Ms Julia Leung, said: “The proposed introduction of the regulatory regimes for dealers and custodians would complete a digital asset ecosystem that is both safe and vibrant for institutional and retail investors. In balancing industry growth with robust investor protection, we join hands with the Hong Kong SAR Government to build Hong Kong into a trusted and sustainable platform that taps into global liquidity. We will also stay committed to close collaboration with our industry stakeholders to broaden participation and further raise the vibrancy of Hong Kong's ecosystem.”

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said: “We have the public consultation on the establishment of licensing regimes for digital asset trading and custody service providers launched today, right after our release of the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong yesterday. By this, we want to deliver an important message to the public that while we are striving to build Hong Kong into a premier global hub for digital assets, upholding investor protection is still our utmost concern. The proposed licensing regimes will lay a solid ground for us to establish a comprehensive regulatory framework for digital assets with investor and customer protection at its core foundation. The move will also help realise our vision to build Hong Kong's digital asset ecosystem into a highly trusted one which will flourish sustainably and responsibly in a risk-managed manner, thereby delivering concrete benefits to the real economic sector and financial markets.”

Interested parties are invited to submit comments to the FSTB or SFC by 29 August 2025. 

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Note:

1.The two proposed regimes aim to enhance “Access” to Hong Kong's VA market as one of the five pillars under the SFC's “ASPIRe” roadmap issued on 19 February 2025.