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Hong Kong

Comprehensive Framework Risk: low Last updated: 2026-04-08

Regulatory Bodies

SFC

VATP licensing, securities

HKMA

Stablecoin regulation, banking

Primary Legislation

Law / Regulation Year Scope
AMLO (amended 2023) 2023 VATP licensing regime
Stablecoin Bill (pending) 2025 Fiat-referenced stablecoin issuers

Licensing Requirements

vasp

VATP license from SFC (mandatory since June 2023)

custody

Included under VATP license

exchange

VATP license required for all centralized exchanges

Travel Rule

Adopted — Threshold: HKD 8,000

Tax Reporting

No capital gains tax; profits tax if trading is a business

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