Hong Kong moved closer to completing a four-pillar legal framework aimed at positioning it as a global Web3 hub, the decentralised, blockchain-based internet, as regulators concluded consultations on advisory and management services for the digital assets sector.
Hong Kong To Licence Crypto Advisers, Asset Managers
27 May 2026 - 10:55 CEST
51 submissions received
A one-month consultation period, completed in late January, drew 51 submissions regarding the proposed regulatory regimes.
Most respondents expressed "clear support for establishing separate licencing regimes" for digital asset advisory and management service providers modelled on the rules that apply to traditional securities, a 26 May statement from the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) said.
Missing final piece
Hong Kong already has established licencing regimes for digital asset trading platforms and stablecoin issuers, and has proposed frameworks for digital asset dealing and for custodian service providers. Christopher Hui, Secretary for Financial Services and the Treasury, said the city's legal framework "will span across the key nodes of the digital asset ecosystem, building a trusted and sustainable system comparable to that of conventional finance."
Legislation heading to lawmakers
Once regulators finalize the proposals covering all four areas, they plan to introduce the bill into the Legislative Council "within this year," the statement said.
The SFC's CEO Julia Leung called the latest consultation conclusion "the final leg," saying that market participants supported "the strong need for robust and comprehensive regulation."
Courting global Web3 capital
Under the "Same Business, Same Risks, Same Rules" principles of regulatory alignment, the new regimes will mirror traditional financial services standards.
Hong Kong issued its first virtual asset policy statement in 2022, setting the direction for the current framework. It has since granted licences to 14 digital asset trading platforms and, after its stablecoin ordinance took effect in 2025, approved two stablecoin issuers in April.
