Hong Kong’s Licensed Crypto Platforms Topped $81bn in 2025 Trading Volume

Controlled innovation

The territory has been conducting a managed build-out of the crypto industry, taking an approach that permits innovation while maintaining tight risk controls to protect consumers. It is also subjecting Web3 businesses to the same requirements that govern traditional finance.

After introducing spot crypto exchange-traded funds (ETFs) in 2024, brokers selling digital asset products saw commission income rise by more than 80% in 2025 compared with 2024, Kelvin Wong, chair of the Securities and Futures Commission (SFC), said in a 29 May speech at the Hong Kong Digital Finance Summit.

The newly released data show "the market's increasing acceptance of new financial products," and point to continued growth, Wong said.

His reference to 12 licensed crypto trading platforms excludes NewBX, which received its licence in May.

A handful in 2024

Direct year-on-year comparisons with 2024 are difficult because Hong Kong's regulatory framework was still in its infancy. By 31 Dec 2024, only three licensed virtual asset platforms were operating under the regulatory regime. While an additional four were cleared during December 2024, these did not operate for the full calendar year.

In May, Hong Kong moved closer to completing a four-pillar legal framework to position it as a global Web3 hub, as regulators concluded consultations on advisory and management services for the digital assets sector.

Integrating traditional, digital

The consultations followed the establishment of licensing regimes for digital asset trading platforms and stablecoin issuers and proposed frameworks for digital asset dealing and for custodian service providers.

Wong said the city remained committed to its goals of integrating traditional and digital financial systems while installing custody standards and client asset protection guidelines.