Hong Kong Crypto Licensing Timeline

Key dates for Hong Kong's virtual asset trading platform regime and the stablecoin issuer regime, from the first licence to the next close-down deadline.

1. 15 Dec 2020SFC

   First SFC Licence: OSL Exchange

   OSL Digital Securities Limited is licensed; it is the earliest entry on the SFC's current list.

   Source: SFC lists official

2. 1 Jun 2023Law

   VATP Licensing Regime Takes Effect

   Centralised trading platforms operating in Hong Kong or actively marketing to Hong Kong investors need an SFC licence under the AMLO.

   Source: SFC circular 23EC27 official

3. 22 May 2024SFC

   Gate.HK Application Withdrawn

   Gate Digital Limited, applied 28 Feb 2024.

   Source: SFC lists official

4. 24 May 2024SFC

   OKX Application Withdrawn

   OKX Hong Kong FinTech Company Limited, applied 16 Nov 2023.

   Source: SFC lists official

5. 31 May 2024SFC

   Bybit Application Withdrawn

   Spark Fintech Limited, applied 31 Jan 2024.

   Source: SFC lists official

6. 1 Jun 2024Deadline

   Non-Contravention Period Ends

   From 1 June 2024 platforms in Hong Kong must be licensed or deemed to be licensed applicants.

   Source: SFC statement official

7. 1 Aug 2025Law

   Stablecoins Ordinance Takes Effect

   Issuing fiat-referenced stablecoins becomes a regulated activity that needs an HKMA licence.

   Source: HKMA official

8. 28 Aug 2025SFC

   BitMart Application Withdrawn

   Spread Technologies Hong Kong Limited, applied 27 Jun 2025.

   Source: SFC lists official

9. 30 Sep 2025HKMA

   First-Batch Deadline for Stablecoin Applications

   The HKMA received applications from 36 entities by this date.

   Source: HKMA Insight official

10. 24 Dec 2025Law

    Dealer and Custodian Licensing: Consultation Conclusions

    The government and the SFC plan a bill to license virtual-asset dealers and custodians in 2026.

    Source: SFC official

11. 10 Apr 2026HKMA

    First Two Stablecoin Licences

    Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.

    Source: HKMA official

12. 12 Jan 2027Deadline

    Matrixport HK Must Close Down

    Flying Hippo Technologies Limited is on the SFC's list of closing-down platforms.

    Source: SFC lists official

Licence and removal dates for every platform: SFC lists.