Hong Kong to expand crypto licensing by the end of 2026
Hong Kong authorities have confirmed plans to introduce legislation by the end of 2026 to broaden regulation of the digital asset market. The new rules will introduce licensing requirements for crypto trading, custody, advisory and asset management services.
Hong Kong Secretary for Financial Services and the Treasury Christopher Hui said at a briefing on October 5 that the government would submit the relevant amendments "within this year." He said the changes are intended to reflect developments in financial technology and the continued expansion of the digital asset market.
Authorities first announced preparations for the new regime in January. At the time, Hui said the regulatory proposal was expected to be introduced by the end of 2026 alongside the development of a separate licensing framework for stablecoin issuers.
Licensing to cover four areas
The amendments will extend mandatory licensing to four categories of activity: digital asset trading, custody services, advisory services and asset management. Authorities aim to broaden the existing regulatory framework beyond individual segments of the crypto market.
At the same time, Hong Kong is continuing to develop its stablecoin regulatory regime. The Hong Kong Monetary Authority (HKMA) began reviewing applications from prospective issuers earlier this year.
In April, the regulator issued the first stablecoin licenses to Anchorpoint Financial and Hongkong and Shanghai Banking Corporation (HSBC). The move marked a shift from building the regulatory framework to launching regulated products.
Hong Kong develops regulated stablecoin market
One of the first such products was HKDAP from Anchorpoint Financial. In August, the company began a phased rollout of the stablecoin to institutional clients and professional investors in Hong Kong.
At the initial stage, HKDAP is focused on cross-border payments, as well as the settlement and distribution of tokenized real-world assets. The launch followed Anchorpoint's licensing and became one of the first practical applications of Hong Kong's new stablecoin regulatory regime.
Earlier, we reported that Hong Kong issued digital green bonds denominated in euros to finance environmental projects. The instrument forms part of the authorities' broader strategy to use digital infrastructure in financial markets.
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