#HongKongPlansNewVAGuidelines

Hong Kong is actively developing and implementing new guidelines and regulations for Virtual Assets (VA) — which include cryptocurrencies, tokens, stablecoins, and other digital assets. This is part of a broader strategy to position Hong Kong as a leading global hub for regulated digital assets, balancing innovation, market growth, and strong investor protection while preventing fraud, money laundering, and other risks.
The Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) are driving this through the ASPIRe Roadmap (Access, Safeguards, Products, Infrastructure, Relationships), introduced in early 2025, with ongoing updates and new measures rolling out in 2025–2026.
Key Recent Developments (as of early 2026)
Hong Kong has been rolling out phased enhancements:
Expansion of Licensed Services for VA Trading Platforms (VATPs)
Licensed VATPs (crypto exchanges) can now offer more products and services. For example:
Relaxed rules on listing tokens (e.g., removing the strict 12-month trading history requirement for assets offered only to professional investors).
Better access to global liquidity pools.
Clarified rules for tokenized securities and custody of assets not traded on the platform.
New Guidance on Advanced Trading Features (February 2026)
This appears to be a major trigger for discussions like #HongKongPlansNewVAGuidelines:
Licensed VA brokers can now provide margin financing (lending for VA trading) to clients, similar to traditional securities margin accounts, but with strict collateral and safeguard requirements.
A high-level framework for VA perpetual contracts (perps/futures-like leveraged products) on licensed VATPs, aimed at professional investors. Platforms must submit proposals to the SFC with strong risk controls, investor protections, and alignment with existing laws.
These steps aim to increase liquidity, give investors better risk management tools (e.g., hedging), and make Hong Kong's market more competitive and vibrant.
Expanded Licensing Regimes (Ongoing into 2026)
Hong Kong is closing gaps in the current system (which mainly focused on VATPs and stablecoin issuers) by requiring licenses for more VA activities under the Anti-Money Laundering Ordinance (AMLO):
VA Dealing Services — Firms that buy/sell virtual assets for clients (like over-the-counter trading or brokerage).
VA Custodian Services — Safe storage of client VAs, with high standards for security (e.g., cold storage insurance), private key management, and segregation of assets.
VA Advisory Services — Giving advice on buying/selling VAs (similar to Type 4 regulated activity for securities).
VA Asset Management — Managing portfolios of VAs for clients (similar to Type 9 for funds).
Consultations on these wrapped up in late 2025/early 2026, with draft legislation expected in the Legislative Council during 2026. Once enacted, unlicensed providers (even offshore ones targeting HK users) will face stricter enforcement.
Stablecoin and Other Specific Rules
Stablecoin issuers need HKMA licenses, 100% high-quality reserves (e.g., fiat-backed only; gold-backed may be excluded due to volatility).
Focus on retail investor protections, like bans on unlicensed marketing.
Overall Goals for the Crypto Market
Hong Kong's approach is pro-innovation but risk-averse:
Boost market vibrancy → More products (e.g., leverage, financing), deeper liquidity, and integration with traditional finance.
Protect investors → Mandatory safeguards, custody standards, insurance for client assets, and fit-and-proper tests for licensed firms.
Prevent fraud/misuse → Strong AML/CTF rules, clear boundaries, and oversight across the entire VA value chain (trading, custody, advice, management).
Attract global players → Clear rules make Hong Kong appealing for reputable exchanges, funds, and institutions, differentiating it from less regulated jurisdictions.
In short, these "new VA guidelines" aren't banning crypto — they're formalizing and expanding a regulated environment to make the market safer, more professional, and sustainable. This could lead to more institutional adoption, better price stability, and growth in Hong Kong's crypto ecosystem, while reducing risks like hacks, scams, or unregulated leverage blowups.