Hong Kong SAR (HK)

Under "One Country, Two Systems," Hong Kong runs a separate, progressive regime, distinct from the mainland ban. Since 2023 it has offered a licensing path (the SFC's VASP regime) covering exchanges, custody, and professional asset management, positioning itself as an APAC institutional crypto hub. It is permissive but licensed: retail access is limited to SFC-approved tokens, with broader scope for professional investors.

Key regulations

  • SFC VASP licensing regime
  • AMLO (Anti-Money Laundering Ordinance)
  • Securities and Futures Ordinance

Entities

  • licensed exchanges
  • custodians
  • fund managers
  • trading platforms

Activities

  • trading
  • custody
  • fund management
  • token distribution

Developer orientation. Not legal advice.

What to Watch

  • Pending stablecoin issuer framework.
  • Token classification (security vs commodity) guidance still evolving.
  • Capital-flow boundaries between Hong Kong and mainland China.

See also