365Crypto
Hong Kong is moving forward with new licensing rules for crypto dealers and custodians.
The decision follows the completion of public consultations by financial regulators.
The Financial Services and the Treasury Bureau and the Securities and Futures Commission confirmed the plan.
Once active, firms offering crypto trading or custody services must hold an official license.
This step adds another layer to Hong Kong’s growing digital asset rulebook.
Earlier this year, the city launched a licensing framework for stablecoin issuers.
Crypto exchanges already face mandatory licensing requirements.
That system replaced an older opt-in model introduced in 2020.
So far, only 11 trading platforms have received approval.
Several applicants were rejected, signaling tougher regulatory standards.
Hong Kong is also testing tokenization across financial products.
These efforts aim to modernize markets while maintaining investor protections.
Regulators say clear rules help attract serious players.
The goal is a trusted market that balances innovation with oversight.
Another consultation now targets crypto advisors and asset managers.
These roles may soon fall under anti-money laundering* laws.
Feedback will shape final rules on enforcement and penalties.
Hong Kong wants structure, not chaos, in its crypto economy.
Footnotes:
Custody: Holding and safeguarding digital assets on behalf of users.
Anti-money laundering (AML): Rules designed to prevent illegal fund flows.
