Última interpretação da Comissão de Valores Mobiliários de Hong Kong: empresas de criptomoedas licenciadas podem continuar a servir clientes existentes, mas não podem operar na China continental

Hong Kong Securities and Futures Commission further interprets the circular issued on May 22, stating that licensed companies can open new accounts for Mainland Chinese clients and continue serving existing clients as long as they comply with account opening regulations.
（Background summary: End of transition period » Hong Kong SFC: unlicensed exchanges cannot operate in Hong Kong from 6/1, VASP application status update）
（Additional background: Hong Kong SFC latest guidelines: allowing virtual asset collateralized financing, first sustainable contract framework, permitting related companies to market-making）

Table of contents

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• Core requirements of the circular
• The meaning of "providing within the mainland"
• Background of Hong Kong's crypto market

After the Hong Kong SFC issued the circular on May 22, it further clarified on June 10 that licensed companies in Hong Kong can open new accounts for Mainland Chinese investors as long as they meet the account opening requirements, and can continue serving existing clients. However, the prerequisite is that the relevant services are not "provided within the mainland."

Core requirements of the circular

The key points listed by the SFC are as follows:

• Licensed companies can open new accounts for Mainland Chinese investors, provided they meet all account opening regulations
• Existing clients can continue to be served as long as the services are not provided within Mainland China
• These requirements also apply to financial institutions in other jurisdictions, not limited to Hong Kong
• Must comply with all laws and regulatory requirements of Hong Kong and applicable jurisdictions

The meaning of "providing within the mainland"

The SFC states that the joint notice of May 22 includes two key requirements:

1. Service geographic restriction: Licensed companies can continue to serve Mainland Chinese clients, but the services must be conducted in Hong Kong or overseas regions where the clients are located, and cannot be carried out within Mainland China. This means that if a client is in Beijing, and the licensed company establishes a sales point or conducts promotion in Beijing, it is considered "providing within the mainland."

2. Scope expansion: These requirements are not only applicable to Hong Kong financial institutions but also cover activities of institutions in other jurisdictions when providing services to Mainland Chinese investors.

Background of Hong Kong's crypto market

Since 2025, Hong Kong has launched a virtual asset trading license regime, with several exchanges already licensed. The SFC’s recent circular further clarifies the scope of services for licensed companies, bringing clearer regulatory guidance to the market.

This interpretation of the circular also indicates that Hong Kong’s crypto market is moving from the "licensing issuance" stage towards "substantive regulation." In the future, the SFC may conduct regular inspections and spot checks to ensure licensed companies genuinely comply with account opening and service regulations.