Hong Kong — crypto regulation

Status: legal · Last reviewed 2026-11-05

Hong Kong has a full VASP licensing regime under AMLO Part 5A (Jun 2023), with the SFC supervising virtual asset trading platforms under its ASPIRe roadmap. Under the Stablecoins Ordinance, the HKMA licensed HSBC and Anchorpoint Financial in Apr 2026. Anchorpoint's HKDAP launched for institutions in Aug 2026, and HSBC's RedCoin reached retail users through PayMe in Oct 2026. The SFC approved the world's first secondary trading of tokenised public funds on a licensed platform (Oct 2026). A crypto tax-reporting (CARF) law passed in Nov 2026. The government plans a bill by end-2026 to license virtual asset dealing, custody, advisory and management services.

Legislation

• Crypto-Asset Reporting Framework (CARF) Legislation (2026)
• SFC Framework for Secondary Trading of Tokenised SFC-Authorised Investment Products (2026)
• VA Dealing, Custody, Advisory and Management Licensing Bill (Pending) (2026)
• Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) — Part 5A: VASP Regime (2023)
• Stablecoins Ordinance — Fiat-Referenced Stablecoin Regulatory Framework (2025)
• SFC Guidelines on Tokenised Securities-Related Activities (2023)
• HKMA Regulatory Sandbox for Stablecoin Issuers (2024)