On October 6, Hong Kong's Acting Secretary for Financial Services and the Treasury, Joseph Chan, reaffirmed at a Legislative Council Finance Committee meeting that the government will introduce an amendment bill before the end of 2026 to establish licensing regimes for virtual asset dealing, custody, advisory and management services. Previously, the FSTB and SFC published consultation conclusions on May 26 regarding the regulatory regimes for VA advisory and management services, receiving 51 responses from market participants, industry bodies and professional organisations, with the proposals receiving broad support. The new regimes will adhere to the "same business, same risks, same rules" principle, with scope aligned to Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance. The SFC will also refine the regulatory framework for tokenised investment products.

Rhett Insight: Hong Kong is accelerating the construction of a complete RWA regulatory closed loop, from stablecoins to tokenised assets. Together with the existing licensing regimes for VA trading platforms and stablecoin issuers, as well as the proposed dealing and custody regimes, Hong Kong's legal framework will span the key nodes of the digital asset ecosystem. For brand asset owners and institutions seeking to operate compliantly in Hong Kong, completing compliance architecture design and licence application preparation is now imperative.