This time, Hong Kong has included trading, custody, investment advisory, and asset management under regulation, with private key security becoming a strict threshold.

Hong Kong announced that on the basis of existing virtual asset regulations, an integrated framework covering trading, custody, investment advisory, and asset management will be established. All relevant business institutions in Hong Kong must obtain licensing or registration from the Securities and Futures Commission, with a focus on the security of private keys and customer assets. The current 13 trading platforms and 2 stablecoin licenses will be incorporated into the new regulations, applying the same industry standards, risks, and rules; those without licenses are not allowed to promote to the public, and transitional periods do not count as licensing. Legislation is planned to be submitted for revision in 2026, and once implemented, Hong Kong may become one of the few jurisdictions worldwide with comprehensive digital asset regulation.