There are 12 licensed virtual asset exchanges in Hong Kong, which ones are really open for retail business?
As of February 2026, the regulatory framework for VATPs in Hong Kong has basically taken shape, but the actual tradable assets for retail investors are still concentrated on BTC and ETH.
Number of licenses continues to increase, retail market remains cautiously open
As Hong Kong continues to promote the construction of a regulatory system for virtual assets, the licensing system for local virtual asset trading platforms (VATP) has entered a concentrated implementation phase. Hong Kong is gradually forming one of the few financial markets globally that allow virtual asset trading under a clear regulatory framework.
According to the official list published by the Securities and Futures Commission (SFC) of Hong Kong, as of February 18, 2026, the number of virtual asset trading platforms that have been licensed or deemed to be licensed in the Hong Kong market has increased to approximately 11 to 12.
However, it must be clarified that—obtaining a license does not equate to fully opening services to retail investors.
Three platforms are officially open to retail investors
Currently, there are only three compliant platforms in Hong Kong that truly allow retail investors to register and conduct virtual asset trading.
HashKey Exchange
As the largest licensed virtual asset trading platform in Hong Kong by trading volume, HashKey has fully opened retail account services. However, according to regulatory requirements, the trading scope for retail investors is still limited to Bitcoin (BTC) and Ethereum (ETH).
OSL Exchange
OSL is one of the first platforms to obtain a VATP license, servicing institutional clients for a long time. Currently, its retail trading interface only supports BTC and ETH, with some newly added assets available only to professional investors.
HKVAX
HKVAX, which obtained its license at the end of 2024, became the third platform to serve retail investors, focusing primarily on institutional and RWA directions, with the range of retail trading assets consistent with the first two.
As of now, these three platforms constitute the main body of the compliant retail virtual asset trading market in Hong Kong.
Most newly licensed institutions still focus on professional investors
From 2024 to 2025, the SFC accelerated the approval process, and several institutions entered the "deemed to be licensed" status, including:
- Bullish HK Markets
- PantherTrade
- YAX (Hong Kong)
- Accumulus GBA Technology
- DFX Labs Limited
- HKbitEX
- NewBX Limited
- Whalefin Markets
- Flying Hippo Technologies
Although the above platforms have been included in the regulatory system, most are still in the system preparation, prioritizing institutional business or internal testing stages, and have not fully opened retail trading services.
Why can retail investors in Hong Kong only trade BTC and ETH?
The current virtual asset market in Hong Kong exhibits the characteristics of "increasing licenses, cautiously relaxing assets," mainly due to three reasons.
First, strict retail investor protection mechanisms
According to SFC requirements, virtual assets opened to retail must possess:
- High market capitalization
- Sufficient liquidity
- Mature market structure
As of early 2026, the only assets that actually meet and have been approved are still mainly BTC and ETH.
Second, high thresholds for professional investors
Under the Hong Kong regulatory framework, professional investors must typically possess not less than 8 million Hong Kong dollars in investable assets. Therefore, most individual investors are still classified as retail clients.
Third, new cryptocurrencies require separate approval
Even if a trading platform has obtained a license, expanding the range of assets available for retail trading still requires a separate application and written approval from regulators. Currently, no relevant relaxation measures have been introduced.
Industry observation: Hong Kong is entering a "institution-first" phase
From the overall regulatory path, the virtual asset market in Hong Kong is forming a clear development rhythm:
- Establish a regulatory system for trading platforms
- Prioritize the development of institutional markets
- Gradually expand the scope of retail participation
It is widely believed in the industry that this cautious advancement model aims to strike a balance between financial innovation and investor protection, reinforcing Hong Kong's position as an international digital asset financial center.
Conclusion
As of February 2026, the licensing system for virtual asset trading platforms in Hong Kong has basically taken shape. However, from the perspective of actual trading:
Retail investors in Hong Kong can participate in virtual asset trading through compliant channels, but it is still primarily concentrated on Bitcoin and Ethereum.
The increase in the number of licenses reflects more the development of industry infrastructure and institutional markets rather than a comprehensive opening of the retail market.
Source of information Official VATP list from the Hong Kong SFC, FintechNews Hong Kong, Cointelegraph, CryptoAssetBuyer, official materials from OSL, and public documents from the Hong Kong Financial Services and the Treasury Bureau.
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