Hong Kong regulators announced on Wednesday they will proceed with legislation for mandatory licensing regimes for firms providing crypto dealing or custody services, following the conclusion of a public consultation phase.
This measure expands the comprehensive regulatory framework the city is building for digital assets, which already includes an ordinance for stablecoin issuers now in force and a mandatory regime for trading platforms. To date, 11 exchanges have received approval from the Securities and Futures Commission (SFC).
The immediate next step is the formal introduction of legislation for dealers and custodians. In parallel, the SFC has launched a separate public consultation proposing licensing regimes for crypto advisory and management service providers, integrating them into the anti-money laundering framework.
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