Hong Kong Reaffirms Plan to Submit Virtual-Asset Licensing Bill This Year

The Hong Kong government has reaffirmed plans to submit a bill this year to establish a licensing framework covering virtual-asset trading, custody, advisory and management services.

Cointelegraph reported on October 6 that Christopher Hui, Hong Kong's secretary for financial services and the treasury, told a policy briefing the government would submit an amendment bill this year containing a comprehensive licensing regime covering digital-asset activities.

Hui described the bill as a response to innovative developments in the fintech sector. It will set licensing requirements for four service areas: virtual-asset trading, custody, advisory and management.

Hong Kong has been formally advancing the process since early this year. At a briefing in January, Hui said the government planned to submit a draft related to virtual-asset regulation before the end of 2026. He also said at the time that the Hong Kong Monetary Authority had begun accepting applications for stablecoin issuer licenses.

In April, the HKMA granted its first stablecoin issuer licenses to Anchorpoint Financial and HSBC.