On June 27, 2025, the Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Securities and Futures Commission (SFC) jointly released a consultation document announcing the proposed introduction of a new regulatory regime for Virtual Asset Trading Providers (VATP) and Virtual Asset Custody Providers (VACP). This significant initiative aims to empower the SFC to implement licensing and supervision for these two types of service providers and to establish compliance standards, adhering to the principle of "same business, same risks, same rules," ensuring investor protection and market integrity. The joint consultation is a key step in the SFC's implementation of the "ASPIRe" roadmap, marking a solid step forward for Hong Kong in building a vibrant and robust digital asset market.
1. Core Content: Dual-track Regulation of Virtual Asset Trading and Custody
The document indicates that the proposed regulatory regime will cover Virtual Asset Trading Platforms (VATP) and Custody Service Providers (VACP), filling the gaps in the existing regulatory framework. Specific measures include:
Licensing and Supervision Mechanism: The SFC will be authorized to issue licenses to VATP and VACP and conduct ongoing supervision. Applicants must meet the "fit and proper" standards, including financial soundness, integrity of business structure, and risk management capabilities. VATP must comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements, while VACP must ensure asset segregation and cold storage security.
Compliance Standards Development: The SFC will set unified compliance standards for both types of service providers, covering customer due diligence (KYC), asset custody, cybersecurity, and compensation arrangements. VATP must ensure that trading assets are "qualified large-cap virtual assets" (such as BTC, ETH) and provide knowledge assessments and risk disclosures to retail investors.
Continuation of the "ASPIRe" Roadmap: The consultation document reaffirms the SFC's "ASPIRe" roadmap (Access, Safeguards, Products, Infrastructure, Relationships) released on February 19, 2025, emphasizing attracting global liquidity through regulatory clarity, optimizing compliance burdens, and promoting blockchain infrastructure upgrades. The proposed regime is expected to complete legislation by Q1 2026, with VACP regulatory details to be released by the end of 2025 at the latest.
2. Regulatory Background: Strategic Upgrade of Hong Kong's Digital Asset Hub
The joint consultation is another milestone in Hong Kong's virtual asset regulatory framework. Since the release of the "Policy Declaration on the Development of Virtual Assets" in October 2022, Hong Kong has consolidated its position as a global digital asset center through a series of policies.
On June 1, 2023, the SFC launched a dual licensing system for Virtual Asset Trading Platforms (VATP), covering both securities and non-securities token trading, with nine platforms licensed, including HashKey and OSL, which have begun offering BTC and ETH trading services to retail investors.
On May 21, 2025, the "Stablecoin Regulation" was passed and is set to take effect on August 1, requiring fiat-backed stablecoin issuers to obtain licenses from the Hong Kong Monetary Authority (HKMA), with Ant Group and JD Coin Chain entering the "stablecoin sandbox" for testing.
It is noteworthy that there remains a regulatory gap for over-the-counter (OTC) trading and custody services. The 2024 JPEX fraud case exposed vulnerabilities in OTC platforms, prompting the FSTB to initiate OTC regulatory consultations on February 8, 2024. This joint consultation further expands to custody services, responding to the market's urgent demand for asset security and compliance.
3. Strategic Significance of the Proposed Regime: Balancing Vitality and Robustness
1. Filling Regulatory Gaps and Enhancing Market Trust
The SFC requires custody service providers to adopt cold storage (95% of assets offline) and multi-signature technology, and mandates the purchase of insurance or the establishment of compensation funds to cover potential losses of 50% of cold storage assets and 100% of hot storage assets. OTC platforms must conduct customer identity verification and transaction monitoring to eliminate money laundering and fraud risks.
2. Promoting Integration of Traditional Finance and Web3
The proposed regime follows the principle of "same business, same risks, same rules," aligning virtual asset services with traditional financial regulations, paving the way for traditional institutions such as banks and brokerages to enter the market.
3. Consolidating Global Hub Status
The U.S. regulates stablecoins through the "GENIUS Act," the EU's MiCA framework is fully implemented, and Singapore is accelerating digital asset legislation. Hong Kong, with no capital gains tax, zero value-added tax, and a free trade agreement with ASEAN, has attracted over 1,000 fintech companies, aiming to establish Hong Kong as a global liquidity center.
4. Future Outlook
The launch of the joint consultation will elevate Hong Kong's virtual asset regulation to new heights, creating a differentiated competitive advantage compared to the U.S., EU, and others. In the short term, regulatory clarity is expected to attract more global platforms (such as Coinbase and Kraken) to establish operations in Hong Kong, with the number of VATP license applications expected to double by 2026. Hong Kong must maintain a balance between innovation and risk.
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