Hong Kong's Financial Services and the Treasury Bureau: International virtual asset trading platforms coming to Hong Kong must comply with regulations; currently, there are 13 licensed platforms.

Hong Kong currently has 13 virtual asset trading platforms licensed by the Securities and Futures Commission (SFC). Chan Ho-lim, acting Secretary for the Financial Services and the Treasury Bureau, yesterday responded to questions about attracting international platforms to set up operations in the city, stating that international virtual asset trading platforms may apply for an SFC license as long as they meet relevant statutory requirements and the regulator’s standards. The SFC and Invest Hong Kong have also engaged with relevant international platforms to outline Hong Kong’s regulatory requirements and market opportunities. Chan noted that the Hong Kong Special Administrative Region (HKSAR) government and the SFC attach great importance to the quality of licensed platforms to properly manage risks and fully protect investors. He pointed out that the government and SFC will soon submit a bill to the Legislative Council to bring more types of virtual asset services under the regulatory framework, enabling a more diverse range of international service providers to operate in Hong Kong. The authorities will continue to boost the digital asset market’s competitiveness through clear regulation, talent and infrastructure development, and international cooperation. Chan added that the SFC has in recent years gradually expanded the products and services licensed platforms can offer, facilitated access to global liquidity, and is developing more digital assets and tokenized products with appropriate safeguards. Per SFC requirements, applicants for a virtual asset trading platform license must hold Type 1 and Type 7 regulated activity licenses under the Securities and Futures Ordinance, plus a Virtual Asset Service Provider (VASP) license under the Anti-Money Laundering Ordinance, and meet conditions including maintaining a physical presence in Hong Kong and appointing at least two approved responsible officers.