Policy Reference

Hong Kong

Explore Hong Kong’s crypto laws, including exchange licensing, SFC rules, taxes, AML compliance, and digital asset regulation.

Securities and Futures Commission (SFC)
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Topic
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Law database

18 law profiles

Law / Bill
Draft Intro Committee Passed Enacted Effective
Legislative Proposal to Regulate Dealing in Virtual Assets FSTB/SFC Consultation 25CP6 Proposed Details Draft Draft: Current Intro Introduced: Pending Committee In committee: Pending Passed Passed: Pending Enacted Enacted: Pending Effective Effective: Pending

Legislative Proposal to Regulate Dealing in Virtual Assets

Hong Kong’s FSTB and SFC proposal would create an SFC licensing or registration regime for virtual asset dealing under the AMLO. Conclusions are published; an amendment bill is targeted for LegCo in 2026.

Last action: Jun 1, 2026 - LegCo Panel briefing

Profile Public Consultation on Legislative Proposal to Regulate Dealing in VAs
Hong Kong VA Advisory and Management Service Provider Proposal SFC Ref. 25CP12; AMLO proposal Proposed Details Draft Draft: Current Intro Introduced: Pending Committee In committee: Pending Passed Passed: Pending Enacted Enacted: Pending Effective Effective: Pending

Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers

Hong Kong’s FSTB and SFC propose AMLO licensing regimes for VA advisory and management providers, aligned with SFO Type 4 and Type 9 activities, with a bill targeted for 2026.

Last action: May 26, 2026 - Consultation conclusions published

Profile Consultation Conclusions on VA Advisory and Management Services
Hong Kong SFC Tokenised Securities Intermediary Circular SFC Ref. No. 23EC52 Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Circular on intermediaries engaging in tokenised securities-related activities

SFC guidance for Hong Kong intermediaries conducting tokenised securities activities, covering existing securities rules, technology risks, custody, client disclosures and SFC notification.

Last action: Jun 17, 2026 - Official SFC materials verified

Profile Circular on intermediaries engaging in tokenised securities activities
Hong Kong Joint Circular on Intermediaries’ Virtual Asset-Related Activities SFC 23EC67; HKMA 20231222-1-EN Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Joint circular on intermediaries’ virtual asset-related activities

SFC/HKMA guidance for Hong Kong intermediaries distributing VA-related products or providing VA dealing, advisory and asset-management services.

Last action: May 27, 2026 - Relevant Stablecoin clarification

Profile Joint circular on intermediaries’ virtual asset-related activities
Hong Kong SFC Circular on SFC-Authorised Funds with Exposure to Virtual Assets SFC refNo 26EC31 Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Circular on SFC-authorised funds with exposure to virtual assets

Hong Kong SFC guidance for authorised funds with more than 10% NAV exposure to virtual assets, covering eligible tokens, custody, valuation, disclosure, staking and prior approval.

Last action: May 27, 2026 - Current revised circular issued

Profile Circular on SFC-authorised funds with exposure to virtual assets
Hong Kong Securities and Futures Ordinance (Cap. 571) Cap. 571; Ord. No. 5 of 2002 Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Securities and Futures Ordinance (Cap. 571)

Hong Kong’s core securities and futures statute. It empowers the SFC, sets licensing and market conduct rules, and applies to security tokens, tokenised securities and related intermediary activity when SFO definitions are met.

Last action: May 26, 2026 - VA advisory and management conclusions

Profile Cap. 571 Securities and Futures Ordinance
Hong Kong Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) Cap. 615 Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)

Hong Kong’s AML/CFT statute for CDD, recordkeeping, supervision and licensing across covered financial, DNFBP, money service, precious-metals and virtual-asset exchange activity.

Last action: May 15, 2026 - MSO fee revisions effective

Profile Cap. 615 consolidated text
Circular on Tokenisation of SFC-authorised Investment Products SFC Circular Ref. 26EC22 Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Circular on tokenisation of SFC-authorised investment products

Hong Kong SFC guidance on tokenising SFC-authorised investment products, covering product-provider responsibility, ownership records, controls, disclosure and approvals.

Last action: Apr 20, 2026 - Secondary trading circular issued

Profile Circular on tokenisation of SFC-authorised investment products
Explanatory Note on Licensing of Stablecoin Issuers Stablecoins Ordinance (Cap. 656) licensing guidance Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Explanatory Note on Licensing of Stablecoin Issuers

HKMA guidance explaining how Hong Kong’s Stablecoins Ordinance licensing regime applies to stablecoin issuers, including scope, minimum criteria, application procedures, ongoing obligations and supervisory powers.

Last action: Apr 10, 2026 - First licences granted

Profile Explanatory Note on Licensing of Stablecoin Issuers
Hong Kong Guideline on Supervision of Licensed Stablecoin Issuers HKMA guideline under Stablecoins Ordinance, Cap. 656, s. 171(4) Effective Details Draft Draft: Completed Intro Introduced: Completed Committee In committee: Completed Passed Passed: Completed Enacted Enacted: Completed Effective Effective: Current

Guideline on Supervision of Licensed Stablecoin Issuers

HKMA guidance for licensed stablecoin issuers under Hong Kong’s Stablecoins Ordinance, covering reserves, redemption, financial resources, risk management, governance and disclosures.

Last action: Apr 10, 2026 - First issuer licences granted

Profile Guideline on Supervision of Licensed Stablecoin Issuers

Information is for general purposes only and not legal advice. See full disclaimer.