The crypto landscape in Hong Kong has entered a transformative phase. On June 1, 2025, the city’s long-anticipated virtual asset regulatory framework officially came into force—ushering in a new era of compliance, institutional participation, and innovation in digital finance. As one of Asia’s leading financial hubs, Hong Kong is positioning itself as a gateway for Web3 adoption under clear and structured oversight.
This regulatory milestone allows licensed platforms to offer retail crypto trading services, provided they meet stringent anti-money laundering (AML), investor protection, and cybersecurity standards. The move reflects Hong Kong’s strategic ambition to become a global digital asset hub while maintaining financial stability.
With the rules now in place, a wave of global and regional players has stepped forward to secure licenses, launch localized platforms, and expand operations. Let’s explore the pioneers leading this charge.
The Rise of Licensed Virtual Asset Platforms
Among the earliest and most prominent entrants is HashKey, a homegrown leader in Hong Kong’s Web3 ecosystem. HashKey began its compliance journey as early as 2022:
- In April 2022, HashKey Group received principle approval from the Securities and Futures Commission (SFC) for its subsidiary Hash Blockchain Limited (HBL) to operate a virtual asset trading platform under Type 1 (Securities Dealing) and Type 7 (Automated Trading Services) licenses.
- By November 2022, HBL had secured full licensing, enabling it to serve professional investors with trading in Bitcoin, Ethereum, stablecoins, and security tokens.
- In February 2025, HashKey expanded into OTC trading, allowing off-exchange transactions for unlisted digital assets.
- In April 2025, HashKey PRO, its fully compliant exchange, launched with fiat on-ramps via SWIFT and partnerships with ZA Bank and Bank of Communications (Hong Kong).
- Most recently, HashKey PRO submitted an application to offer retail services under the new June 1 regulations.
👉 Discover how top-tier platforms are shaping the future of compliant crypto trading.
Global Exchanges Setting Up Shop in Hong Kong
International exchanges are also racing to establish a local presence.
OKX, one of the world’s largest crypto platforms, has been preparing for years:
- Since 2022, OKX has been assembling a dedicated compliance team of over 20 professionals, many with backgrounds at the SFC, SEC, or top-tier financial institutions.
- In March 2025, OKX incorporated a Hong Kong entity and formally applied for a VASP license under the Anti-Money Laundering Ordinance, along with Type 1 and Type 7 licenses under the Securities and Futures Ordinance.
Similarly, Huobi Global, led by Justin Sun, announced aggressive plans:
- Huobi filed for a VASP license and launched Huobi HK, a dedicated platform for Hong Kong users.
- Starting June 1, Huobi HK offers spot trading and custody services for BTC, ETH, and other major cryptocurrencies.
- Sun projects that the license could be granted within 6–12 months, possibly by late 2025.
Other global names making moves include:
- Gate.io: Secured a TCSP license in February 2025 and launched Gate HK, targeting both institutional and retail clients.
- Bybit: Announced plans to apply for a Hong Kong license and relocate parts of its R&D and marketing teams to the city.
- BitMEX: Launched BitMEX Hong Kong in May 2025 as a transitional platform ahead of its formal VASP application.
- BitMart: Rolled out “BitMart Hong Kong” with support for BTC, ETH, and LTC spot trading.
Institutional Players Entering the Ecosystem
Beyond exchanges, financial institutions are integrating crypto services into their offerings.
ZA Bank, Hong Kong’s first virtual bank, plans to launch virtual asset trading for retail customers through its app by partnering with licensed exchanges.
DBS Bank (Hong Kong) revealed intentions to apply for a digital asset license to extend its institutional crypto services to local clients.
Meanwhile, Interactive Brokers (Hong Kong) already enables professional investors—individuals with over HK$8 million in assets—to trade Bitcoin and Ethereum directly.
On the asset management side:
- Signum Digital received SFC preliminary approval to operate a security token offering (STO) platform, linking blockchain-based tokens to real-world assets like real estate and private equity.
- VSFG (Boussard & Gavaudan Asia) is preparing to launch a Bitcoin spot ETF in Hong Kong and has begun consultations with ETF issuers and regulators.
Infrastructure and Support Services Expand
A robust ecosystem requires more than just exchanges—infrastructure providers are also scaling up.
- Liminal, a digital asset custody provider, obtained a TCSP license in May 2025, enabling regulated custodial services in Hong Kong.
- Kaiko, a leading crypto market data provider for institutions like ICE and Deutsche Börse, announced plans to move its Asian headquarters from Singapore to Hong Kong.
- OneKey, a hardware wallet developer, received HK$500,000 in funding from Cyberport and office space to accelerate its local compliance efforts.
- Conflux Network partnered with China Telecom to pilot BSIM cards in Hong Kong—SIM cards embedded with blockchain wallet functionality for secure key storage.
Even traditional finance firms are stepping in:
- Alchemy Pay partnered with ZD Group to leverage four existing financial licenses and roll out crypto payment solutions across Hong Kong.
- First Digital, a digital asset trust firm, launched FDUSD, a USD-pegged programmable stablecoin backed by reserves held in Asian institutional accounts.
FAQs: Understanding Hong Kong’s Crypto Shift
Q: What changed on June 1, 2025?
A: The revised Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) came into effect, requiring all crypto platforms serving Hong Kong customers to obtain a VASP license from the SFC.
Q: Can retail investors now trade crypto legally?
A: Yes—but only on SFC-licensed platforms that meet strict capital adequacy, custody, and disclosure requirements. Not all exchanges currently serving Hong Kong are yet fully licensed.
Q: What types of licenses do platforms need?
A: Most seek Type 1 (Securities Dealing) and Type 7 (Automated Trading Services) licenses under the Securities and Futures Ordinance, plus VASP registration under AMLO.
Q: Are stablecoins regulated in Hong Kong?
A: While no specific stablecoin law exists yet, issuers like First Digital are launching regulated USD-backed tokens under existing trust frameworks.
Q: How does Hong Kong compare to Singapore or Japan?
A: Hong Kong combines clear retail access with strong investor protections—straddling the balance between innovation and oversight more aggressively than Singapore’s cautious stance or Japan’s established but restrictive regime.
👉 See how compliant platforms are redefining secure digital asset access.
Looking Ahead: A Hub for Asian Web3 Innovation
Hong Kong’s regulatory clarity is attracting talent, capital, and technology. Projects like STEPN (Move-to-Earn), DFINITY (Internet Computer), and LTP (institutional brokerage) are establishing regional bases in Cyberport and beyond.
With institutions like Seba Bank (Switzerland), Independent Reserve (Australia), and Pionex entering the market, the city is rapidly evolving into a pan-Asian nexus for digital finance.
As compliance becomes the new standard, early adopters aren’t just gaining licenses—they’re building trust, infrastructure, and long-term ecosystems.
👉 Stay ahead of the curve in Asia’s fastest-growing crypto market.
The message is clear: Hong Kong is open for Web3 business—with rules, responsibility, and opportunity in equal measure.