Title: Hong Kong SAR (HK) · Jurisdiction · EthSystems

URL Source: https://original.es-internal.pages.dev/jurisdictions/hk-crypto-licensing/

Markdown Content:
---
description: Under "One Country, Two Systems," Hong Kong runs a separate, progressive regime, distinct from the mainland ban. Since 2023 it has offered a licensing path (the SFC's VASP regime) covering exchanges, custody, and professional asset management, positioning itself as an APAC institutional crypto hub. It is permissive but licensed: retail access is limited to SFC-approved tokens, with broader scope for professional investors.
title: Hong Kong SAR (HK) · Jurisdiction · EthSystems
image: https://original.es-internal.pages.dev/og.png
---

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#### Key regulations

* SFC VASP licensing regime
* AMLO (Anti-Money Laundering Ordinance)
* Securities and Futures Ordinance

#### Entities

* licensed exchanges
* custodians
* fund managers
* trading platforms

#### Activities

* trading
* custody
* fund management
* token distribution

> Developer orientation. Not legal advice.

## What to Watch

* Pending stablecoin issuer framework.
* Token classification (security vs commodity) guidance still evolving.
* Capital-flow boundaries between Hong Kong and mainland China.

## See also

* [Jurisdiction: China (CN)](/jurisdictions/cn-crypto-ban/)
* [AMLO Guidance (HKMA)](https://www.hkma.gov.hk/eng/key-functions/banking/anti-money-laundering-and-counter-financing-of-terrorism/ordinances-statutory-guidelines/)

Also in APAC

* [China (CN)](/jurisdictions/cn-crypto-ban/)

#### Referenced by

jurisdictions1
* [China (CN)](/jurisdictions/cn-crypto-ban/)

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```