Hong Kong’s Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) announced on 24 December 2025 that they have concluded consultations on legislative proposals for virtual‑asset (VA) dealer and custodian regimes, and will move forward with the related licensing frameworks. The agencies also opened a fresh consultation on proposed regimes for VA advisory and management service providers, extending the “same business, same risks, same rules” approach.

The dealer regime will align with Type 1 securities‑dealing rules, while the custodian regime focuses on safeguarding private keys and client assets. Regulators invite interested parties to begin pre‑application discussions to ensure readiness for the upcoming licensing requirements, aiming to cement Hong Kong’s position as a trusted hub for digital‑asset innovation.

Read More: Hong Kong Insurance Authority Proposes New Crypto and Infrastructure Capital Rules

• What regimes have the consultation conclusions covered? Virtual‑asset dealer and custodian licensing proposals.
• When were the consultation results published? On 24 December 2025.
• Which new services are now under consultation? Advisory and management services for virtual‑asset providers.
• Where can firms seek pre‑application guidance? By contacting the Hong Kong Securities and Futures Commission.

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