Hong Kong licenses virtual asset trading platforms, and the bar is high. The SFC has licensed 13 platforms. Six applications are pending. Seventeen have been returned, refused or withdrawn — including OKX, Gate.HK, Huobi HK and BitMart. Minimum paid-up capital is HK$5,000,000 and 98% of client assets must sit in cold storage.
Compiled from SFC, HKMA and Hong Kong e-Legislation sources only. Reference, not legal advice.
Key facts
| Regulator | Securities and Futures Commission |
| Instrument | VATP licence — dual regime under the SFO (Cap. 571) and AMLO (Cap. 615) |
| Regime commenced | 1 June 2023; transitional non-contravention period ended 1 June 2024 |
| Regulated activities | Type 1 (dealing in securities) + Type 7 (automated trading services), plus the AMLO virtual asset service |
| Legal form | HK-incorporated company, or overseas company registered with the Companies Registry |
| Paid-up capital | HK$5,000,000 |
| Liquid capital | Higher of HK$3,000,000 and the basic amount, at all times |
| Cold storage | 98% of client virtual assets |
| Responsible Officers | At least two; at least one ordinarily resident in Hong Kong; at least one an executive director |
| Application fee | HK$4,740 per regulated activity, plus HK$4,740 for the VA service |
| Public register | SFC list of licensed VATPs — 13 licensed |
The 13 licensed platforms
| # | Platform | Licensed entity | CE ref | Licensed |
|---|---|---|---|---|
| 1 | OSL Exchange | OSL Digital Securities Ltd | BPJ213 | 15/12/2020 |
| 2 | HashKey Exchange | Hash Blockchain Ltd | BPL992 | 09/11/2022 |
| 3 | HKVAX | Hong Kong Virtual Asset Exchange Ltd | BPW549 | 03/10/2024 |
| 4 | HKbitEX | Hong Kong Digital Asset EX Ltd | BPO721 | 18/12/2024 |
| 5 | Accumulus | Accumulus GBA Technology (Hongkong) Co., Ltd | BUA970 | 18/12/2024 |
| 6 | DFX Labs | DFX Labs Company Ltd | BUN619 | 18/12/2024 |
| 7 | EX.IO | EXIO Ltd | BUT670 | 18/12/2024 |
| 8 | PantherTrade | Panthertrade (Hong Kong) Ltd | BUY578 | 27/01/2025 |
| 9 | YAX | YAX (Hong Kong) Ltd | BUT913 | 27/01/2025 |
| 10 | Bullish | Bullish HK Markets Ltd | BUQ956 | 18/02/2025 |
| 11 | BGE | Hong Kong BGE Ltd | BSI739 | 17/06/2025 |
| 12 | VDX | Victory Fintech Company Ltd | BTF116 | 13/02/2026 |
| 13 | Bixin.com | NewBX Ltd | BUY737 | 18/05/2026 |
Source: SFC lists of virtual asset trading platforms, page self-dated 29 May 2026.
Who did not get in — the more useful list
Seventeen applications have been returned, refused or withdrawn. They include OKX, Gate.HK, Huobi HK (twice), HKVAEX, BitMart, Bitcoin World, HKX, HKDAX, VAEX, Meex, Ammbr, BitHarbour, IBTCEX and QuanXLab, plus an earlier Bybit application. That ratio — 13 through, 17 out — is the single most informative number about this regime, and it is why Hong Kong is not a jurisdiction you apply to speculatively.
Six applications are pending: bitV (HighBlock), Crypto.com (Foris DAX HK), WhaleFin (Whalefin Markets), Matrixport HK (Flying Hippo Technologies), Nebulas and Bybit (Spark Fintech). Three of those — Crypto.com, WhaleFin and Matrixport HK — are “deemed-to-be-licensed” under Schedule 3G of the AMLO. The SFC footnotes that Matrixport HK has ceased VATP business.
Requirements that actually filter applicants
- Custody. 98% of client virtual assets in cold storage (SFC VATP Guidelines).
- Compensation arrangement. SFC-approved cover for 50% of client VA in cold storage and 100% in hot or other storage — via third-party insurance, ring-fenced funds or assets held on trust, or a Hong Kong bank guarantee.
- Capital. HK$5,000,000 paid-up; liquid capital at the higher of HK$3,000,000 and the basic amount, continuously.
- Responsible Officers. Two minimum, one ordinarily resident in Hong Kong, one an executive director (Licensing Handbook).
- Retail token admission. A token offered to retail must be an “eligible large-cap virtual asset” — included in at least two acceptable indices from two different independent index providers, at least one IOSCO benchmark-compliant.
Stablecoins — a separate regime, two licensees
The Stablecoins Ordinance (Cap. 656) took effect 1 August 2025. Issuing fiat-referenced stablecoins in Hong Kong is a licensed activity supervised by the HKMA, with minimum paid-up share capital of HK$25,000,000 (not applicable to authorized institutions).
The HKMA Register of Licensed Stablecoin Issuers, last revised 23 April 2026, lists two: Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02), both effective 10 April 2026.
Enforcement
The SFC maintains an alert list of suspicious virtual asset trading platforms. Published actions include a joint SFC–Police warning on MEXC (9 February 2024), which was added to the alert list with police steps to block associated websites, plus warnings on Bybit, Tokencan, VBIT Exchange and HKD.com.
Unable to confirm from primary source as of 7 August 2026: the total number of entries on the alert list (rendered client-side), any published SFC service standard for application processing time, and whether the December 2025 VA dealing and custodian bill has been gazetted. Check the alert list and the e-Gazette.
What changed recently
- 11 February 2026 — SFC opens VA margin financing by licensed brokers and a framework for perpetual and leveraged contracts, professional investors only.
- 24 December 2025 — FSTB and SFC conclude consultations on VA dealing and custodian licensing; a bill is targeted for LegCo in 2026.
- 3 November 2025 — Circular 25EC57 removes the 12-month track-record requirement for professional-investor tokens and for stablecoins from licensed issuers offered to retail.
- 1 August 2025 — Stablecoins Ordinance regime commences.
- 19 February 2025 — SFC publishes the ASPIRe roadmap: 5 pillars, 12 initiatives.
How Hong Kong compares
| Hong Kong | UAE — Dubai | Georgia | European Union | |
|---|---|---|---|---|
| Instrument | VATP licence | VASP licence | Registration | MiCA authorisation |
| Prudential supervision | Yes — heavy | Yes | Expressly excluded | Yes |
| Min. capital | HK$5m paid-up | By category | Not published | €50k–€150k |
| Authorised firms | 13 | 50+ | 42 | Varies by state |
| Rejection rate | 17 out vs 13 in | Not published | 1 cancelled | Not published |
Hong Kong and Georgia sit at opposite ends of the same spectrum. Georgia registers you in 60 days with no prudential oversight; Hong Kong will turn you down. Neither is better — they are different products, and counterparties price them differently.
Frequently asked questions
How many crypto exchanges are licensed in Hong Kong?
Thirteen, per the SFC list last updated 29 May 2026. Six applications are pending and seventeen have been returned, refused or withdrawn.
What capital do you need?
HK$5,000,000 paid-up share capital, plus continuous liquid capital of at least the higher of HK$3,000,000 and the basic amount.
Can retail investors trade crypto in Hong Kong?
Yes, in eligible large-cap tokens only — included in at least two acceptable indices from two independent providers, at least one IOSCO benchmark-compliant.
How much must be in cold storage?
98% of client virtual assets, with an SFC-approved compensation arrangement covering 50% of cold-storage assets and 100% of hot-storage assets.
Who is licensed to issue stablecoins?
Anchorpoint Financial Limited and HSBC, both effective 10 April 2026, per the HKMA register revised 23 April 2026.
Sources
- SFC — lists of virtual asset trading platforms
- SFC — Guidelines for Virtual Asset Trading Platform Operators
- SFC — Licensing Handbook for VATPs
- HKMA — Register of Licensed Stablecoin Issuers
- SFC — suspicious virtual asset trading platforms alert list
All sources retrieved 7 August 2026. Compiled by Vaibhavv Ali from primary regulatory sources. Cryptonite takes no referral fees and has no relationship with any firm named here. Part of the global crypto licensing tracker. Reference only — not legal advice.