Hong Kong is currently executing a multi-layered regulatory sprint to solidify its status as a premier digital asset hub. As of February 2026, the city has moved beyond high-level strategy and is now implementing specific, granular guidelines that bridge the gap between "wild west" crypto and traditional finance.

​Here is a breakdown of the key regulatory pillars being established right now:
​1. The 2026 "All-In" Licensing Framework
​The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) are finalizing a comprehensive expansion of the licensing regime. This is a "no exemptions" zone:
​Mandatory Licensing: New laws introduced in early 2026 require licenses for VA Dealing, VA Advisory, and VA Management services.
​No "Deeming" Loophole: Unlike previous transitions, there are no "deemed-to-be-licensed" provisions for these new categories. Existing players must secure a license before the commencement date or cease operations.
​Activity-Based Alignment: These are designed to mirror the traditional SFO licenses (e.g., VA Advisory mirrors Type 4, VA Management mirrors Type 9), ensuring a level playing field for banks and crypto-native firms.
​2. Institutional Guardrails: Basel & Custody
​Hong Kong is among the first to integrate global banking standards into the crypto space:
​Basel III Crypto Rules: Effective January 1, 2026, the HKMA implemented rules requiring banks to apply a 1,250% risk weighting to unbacked crypto assets. This essentially means banks must hold $1 of capital for every $1 of crypto exposure, encouraging a shift toward safer, tokenized assets.
​Custody Clarity: New guidelines issued in February 2026 focus on "safekeeping private keys." The SFC now distinguishes between providers who have "unilateral authority" to transfer assets and those where the client retains control, adjusting licensing requirements based on who actually holds the "digital keys."
​3. Stablecoins and Liquidity
​The Stablecoin Ordinance (fully active since August 2025) is now seeing its first wave of licensed issuers in 2026.
​Global Order Books: The SFC recently authorized licensed exchanges to integrate their order books with global affiliates. This allows Hong Kong investors to access deeper, global liquidity while staying within the city's regulatory perimeter.
​Staking Services: Guidance released in late 2025 and early 2026 now allows licensed platforms to offer staking services, provided they meet strict disclosure and collateral requirements.