Written by: Sally
Hong Kong FSTB Secretary Christopher Hui's latest statement: Regulatory framework leads in Asia! 12 VATP and 2 stablecoin licenses issued
In April 2026, Hong Kong Financial Services and the Treasury Bureau (FSTB) Secretary Christopher Hui made authoritative remarks on Hong Kong's digital asset regulatory framework and latest progress, clearly stating that Hong Kong's digital asset regulatory system has achieved Asian-leading competitiveness and maturity, and disclosed the results of two core license issuances — 12 Virtual Asset Trading Platform (VATP) licenses and 2 stablecoin issuer licenses. Centered on "strict regulation, strong compliance, and stable development", this lays a solid institutional foundation for Hong Kong to build a global digital asset hub.
I. Regulatory Framework: Leading in Asia, Building a Full-Chain Compliance System
Hui emphasized that Hong Kong has always adhered to the international regulatory principle of "same business, same risks, same rules", constructing a full-chain closed-loop system of "legislation — approval — regulation — risk control" in the digital asset field, making it one of the markets with the highest regulatory transparency and strongest compliance in Asia.
From an institutional design perspective, Hong Kong has formed two core regulatory pillars: First, the VATP licensing system for virtual asset trading platforms, included under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) framework, strictly approved by the Securities and Futures Commission (SFC), covering all aspects including trading, custody, and risk control; Second, a dedicated regulatory regime for stablecoins, centered on the Stablecoin Ordinance effective from August 2025, with the Hong Kong Monetary Authority (HKMA) responsible for license issuance and daily supervision, specifying hard requirements such as 100% reserve backing for stablecoins, anti-money laundering, and risk reserves.
Hui further pointed out that the core advantage of Hong Kong's regulation lies in balancing innovation and risk, providing legal and compliant development space for businesses such as virtual asset trading, stablecoin issuance, and tokenized assets, while preventing financial risk spillovers through high-threshold approvals, full-process supervision, and investor protection measures. This framework has not only gained recognition from international investors but also attracted global financial institutions to accelerate their布局 in Hong Kong.
II. Core License Issuance: 12+2, Industry Enters a New Compliance Phase
(A) 12 VATP Licenses: Benchmark for Compliant Virtual Asset Trading
As of April 2026, the Hong Kong SFC has officially approved 12 Virtual Asset Trading Platform (VATP) licenses, covering leading institutions such as HashKey, OSL, and Bullish HK, encompassing diverse entities including those with traditional financial backgrounds, crypto-native firms, and cross-border payment providers.
The issuance of these 12 licenses marks the comprehensive transition of Hong Kong's virtual asset trading from the "grey area" into the compliance era. The license approval process strictly screens platforms' risk control capabilities, technical strength, and customer protection mechanisms. Platforms are required to complete Phase II audits before fully commencing operations, and are explicitly prohibited from providing services to clients in unlicensed jurisdictions, avoiding compliance risks at the source. Currently, approved platforms can legally conduct trading in mainstream virtual assets such as Bitcoin and Ethereum, with some platforms already opening retail client services, laying the foundation for Hong Kong to become a global virtual asset trading hub.
(B) 2 Stablecoin Licenses: Compliant Stablecoin Issuance Officially Launched
On April 10, 2026, the Hong Kong Monetary Authority (HKMA) officially issued the first batch of 2 stablecoin issuer licenses, selecting from 36 applicant institutions: The Hongkong and Shanghai Banking Corporation Limited and AnchorPoints Financial Technology Limited. The licenses took effect on the same day, marking a new stage of licensed operations for Hong Kong's stablecoin business.
This stringent "36-into-2" selection underscores Hong Kong's core principle of "stability first" in stablecoin regulation: Approved institutions must meet hard requirements including paid-up capital of no less than HK$25 million, 100% custody of stablecoin reserves, and robust anti-money laundering and customer identification systems. The number of future new licenses will remain "very limited" to ensure stable market development. According to the HKMA, the two licensed institutions are advancing preparatory work and are expected to launch compliant stablecoin products between mid and late 2026, focusing on Hong Kong dollar stablecoin issuance, providing compliant tools for cross-border payments, tokenized asset trading, and real economy financing.
III. Future Plans: Deepening Regulation, Expanding Digital Finance Application Scenarios
Hui stated that Hong Kong will continue to optimize its digital asset regulatory framework, further consolidating its leading position in Asia, focusing on three major directions:
1. Refining regulatory details: In the first half of 2026, submit to the Legislative Council draft regulations for supporting licenses such as those for virtual asset investment advisory and asset management, achieving comprehensive regulatory coverage of the virtual asset ecosystem;
2. Expanding application scenarios: Promoting deep integration of stablecoins with areas such as cross-border payments, tokenized bonds, and green finance. Hong Kong has previously issued a total of HK$10 billion in tokenized green bonds, the world's largest tokenized bond issuance, exploring the application of stablecoins in asset settlement and supply chain finance;
3. Attracting institutional establishment: Leveraging family office tax incentives and digital asset compliance advantages to attract global digital asset funds and fintech companies to establish operations in Hong Kong. As of the end of March 2026, Hong Kong had over 3,380 single family offices, with over 25% allocating to digital assets, injecting vitality into industry development.
Hui's latest statement clearly conveys the core logic of Hong Kong's digital asset regulation — based on compliance, guided by innovation, and aimed at serving the real economy. The issuance of 12 VATP licenses and 2 stablecoin licenses is not only an important indicator of the maturity of Hong Kong's regulatory framework but will also propel Hong Kong to become a digital finance hub connecting Asia and the world, providing a "Hong Kong solution" for global digital asset regulation. With the continuous refinement of regulatory details and the ongoing expansion of application scenarios, Hong Kong's digital asset ecosystem is set to enter a new phase of high-quality development.
