Hong Kong plans to establish a unified licensing system for virtual asset advisors and asset managers, incorporating them into the anti-money laundering framework.

On May 26, the Hong Kong Financial Services and the Treasury Bureau and the Securities and Futures Commission released a consultation conclusion on the regulatory regime for virtual asset advisory and management services, confirming the establishment of a licensing system for virtual asset advisors and virtual asset management service providers. The new system will be designed in accordance with the business scopes of Type 4 (advising on securities) and Type 9 (asset management) under the Securities and Futures Ordinance, and will be incorporated under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The goal is to submit a bill to amend the regulations to the Legislative Council in 2026. Together with the planned licensing arrangements for virtual asset trading and custody, Hong Kong will initially form a comprehensive regulatory framework covering the entire chain of digital assets, including trading, custody, advisory, and management. Regulatory authorities also encourage relevant service institutions to communicate with the SFC about licensing matters as early as possible.