有關規管虛擬資產交易的立法建議公眾諮詢

[30 June 2025]

I. 背景

財經事務及庫務局 (“財庫局”) 及證券及期貨事務監察委員會 (“證監會”) 聯合發佈了一份公眾諮詢檔，旨在收集對規管香港虛擬資產交易服務的立法建議的回饋意見。此前，政府於2024年2月至4月就虛擬資產場外交易 (“OTC”) 服務進行了諮詢[1]。根據利益相關者的意見，諮詢範圍已擴大至涵蓋更廣泛的虛擬資產交易活動，按照「相同活動、相同風險、相同規管」原則下建立虛擬資產規管框架。

目前的提案以2024年場外交易市場諮詢為基礎，旨在透過引入虛擬資產交易服務牌照制度來解決這些差距。該提案體現了香港在2022年10月和2025年6月的政策聲明中概述的更廣闊的願景，即在降低風險的同時，建立一個全面的數位資產生態系統。

公眾意見徵詢截止日期為2025年8月29日，屆時將向立法會提交法案。

II.  擬議發牌制度

1) 誰需要獲得牌照 ?

任何人士在業務過程中提供虛擬資產交易服務，當中涉及訂立或要約訂立協議，或誘使或企圖誘使另一人訂立或要約訂立協定，目的是取得、處置、認購或包銷虛擬資產；或協定的目的或佯稱目的是使任何一方從虛擬資產的收益或參照虛擬資產價值的波動獲得利潤。

此制度將涵蓋所有虛擬資產交易服務，無論該等服務是通過實體店鋪及/或其他平臺提供。

就銀行和儲值支付工具 (“SVF”) 而言，經諮詢香港金融管理局 (“金管局”) 後，需要向證監會註冊，以在香港提供任何虛擬資產的交易服務。

2) 業務類型和業務模式：

i. 簡單交易 :以一種虛擬資產轉換另一種虛擬資產，或以虛擬資產轉換金錢 (或以金錢轉換虛擬資產) 。

ii. 較為複雜的虛擬資產交易活動:經紀活動、大宗交易活動和顧問[2]或資產經理[3]從事的其他相關活動。

3) 豁免：

i. 獲金管局發牌及(ii)在一級市場上要約提供或贖回其發行的穩定幣的穩定幣發行人將會被豁免。

ii. 個人與個人(peer-to-peer)之間不牽涉中介人的虛擬資產交易

III. 擬公司架構及規管要求

1) 公司架構

i. 公司架構：申請人(銀行除外)必須是(i)在香港成立或根據《公司條例》在香港註冊，並有固定營業地點的公司。

ii. 處所：合適處所儲存簿冊及記錄。

iii. 適當人選測試：包括申請人(或其董事、大股東或最終擁有人)，評估其犯罪記錄、財務穩定性和合規記錄。

iv. 負責人員 (RO)：至少兩名經證監會批准的RO，具備監管知識和行業經驗。

2) 規管要求

i. 財政資源：

• 最低實繳資本：500萬港元。

• 流動資本：300萬港元(視業務模式而定)。

• 超額流動資本須足以支付12個月的營運開支。

ii. 散戶投資者可交易的虛擬資產 :

僅限於高流動性代幣和金管局發牌的穩定幣，與VATP標準一致。

iii. 其他服務：

顧問、資產管理、質押等，需根據量身定制的規管獲得單獨批准。

iv. 打擊洗錢及恐怖分子資金籌集 (“AML/CFT”)合規：

包括客戶盡職調查 (CDD)、記錄保存和使用區塊鏈分析工具進行交易監控。

v. 客戶資產保護：

持牌人應妥善保障其客戶資產，並採取額外措施，包括妥善分隔客戶資產，並由香港持牌虛擬資產託管人保管。

vi. 投資者保障：

評估客戶虛擬資產知識、提供培訓、風險分析、設定風險限額、確保適合性及管理利益衝突。

vii. 風險管理：

制定適當並與其業務規模和複雜程度相稱的風險管理政策和程序，以處理其活動可產生的洗錢及恐怖分子資金籌集和其他風險。

viii. 資料通知及財務披露：

提交經審計的帳目、錢包地址和業務詳情

IV. 運營方面

1) 非獲證監會發牌的VATP：

正在考慮允許通過受海外監管的VATP或流動性提供者進行交易，但需採取加強盡職調查和風險披露等保障措施（有待進一步諮詢）。

2) 託管：

客戶虛擬資產必須由證監會發牌的虛擬資產託管人持有，與2025年6月27日啟動的虛擬資產託管人諮詢相一致[4]。

3) 監控：

持牌人須採用適當的科技方案(例如區塊鏈分析工具)，以便追蹤虛擬資產的來源和去向。

V. 發牌及過渡安排

1) 牌照持續期限：

無期限，有效直至被撤銷（例如因不當行為）。

2) 無過渡安排：

原有的虛擬資產交易服務提供者必須在制度生效日期前申請牌照，沒有自動過渡批准。

3) 加快發牌程序：

適用於獲證監會發牌的VATP，及正在提供虛擬資產交易服務的持牌法團(視乎情況)。

4) 費用：

參照《證券及期貨條例》下的第1類受規管活動，例如持牌法團的申請費和年費為4,740港元。

VI. 監管權力及紀律處分

1) 監管權力

2)        紀律處分

VII. 徵詢與下一步

公眾可以於2025年8月29日前通過以下方法提交意見：

• 電郵： vadealing-consult@fstb.gov.hk ;或

• 郵寄至：香港中環添馬添美道政府總部24樓財經事務及庫務局財經事務科第五組

政府將分析回饋後敲定最終方案。

VIII. 資料參考:

有關規管虛擬資產交易的立法建議 - 公眾諮詢

• 英文版: https://www.fstb.gov.hk/fsb/en/publication/consult/doc/VADEALING_consultation_paper_en.pdf

• 中文版: https://www.fstb.gov.hk/fsb/tc/publication/consult/doc/VADEALING_consultation_paper_tc.pdf

[1] https://www.fstb.gov.hk/fsb/tc/publication/consult/doc/VAOTC_consultation_paper_tc.pdf

[2] 顧問可從事的活動包括提供意見，以及接受買賣虛擬資產的指示等。

[3] 資產經理可從事的活動包括為其本身的客戶管理虛擬資產組合時，向交易商發出交易指示等。

[4] https://www.fstb.gov.hk/fsb/tc/publication/consult/doc/VACUSTODY_consultation_paper_tc.pdf

Summary on Public Consultation on Legislative Proposal to Regulate Dealing in Virtual Assets

I. Introduction

The Financial Services and the Treasury Bureau (“FSTB”) and the Securities and Futures Commission (“SFC”) have jointly released a public consultation document to gather feedback on a legislative proposal to regulate virtual asset (“VA”) dealing services in Hong Kong. This follows an earlier consultation[1] from February to April 2024 focused on over-the-counter (“OTC”) VA trading services. Based on stakeholder input, the scope has been expanded to encompass a broader range of VA dealing activities, aligning with Hong Kong’s commitment to a robust digital asset regulatory framework under the "same activity, same risks, same regulation" principle.

The current proposal builds on the 2024 OTC consultation and aims to address these gaps by introducing a licensing regime for VA dealing services. It reflects Hong Kong’s broader vision, outlined in policy statements from October 2022 and June 2025, to foster a comprehensive digital asset ecosystem while mitigating risks.

Public comments are invited until 29 August 2025, with a bill to be introduced to the Legislative Council thereafter.

II. Proposed Licensing Regime

1) Who Needs to Be Licensed?

Any person, by way of business, making or offering to make an agreement with another person, or inducing or attempting to induce another person to enter into or to offer to enter into an agreement in respect of the following would require a license granted by or registration with the SFC.

This regime will cover all VA dealing services irrespective of whether the services are provided through a physical outlet and/or other platforms.

In respect of (i) banks and (ii) stored value facilities (“SVFs”), they need to be registered with the SFC (in consultation with the Hong Kong Monetary Authority (“HKMA”)) for providing services of dealing in any VAs in Hong Kong.

2) Business Types and Business Models:

i. Simple Dealing Services: VA-to-VA or VA-to-fiat conversions (e.g. exchanging Bitcoin for Ethereum or HKD).

ii. Complex Dealing Services: Brokerage, block trading, and activities by advisors[2] or asset managers[3].

3) Exemption:

i. stablecoin issuers who (i) are licensed by the HKMA and (ii) conduct offering or redemption of the stablecoins they issue in the primary market.

ii. peer-to-peer trading of VAs between individuals where no intermediary is involved.

III. Regulatory Requirements

1) Eligibility

i. Corporate Structure: Applicants (except banks) must be locally incorporated or registered in Hong Kong under the Companies Ordinance, with a permanent place of business.

ii. Premises: Suitable facilities for record-keeping.

iii. Fit-and-Proper Test: Applies to applicants, substantial shareholders, and key personnel, assessing criminal history, financial stability, and compliance records.

iii. Responsible Officers (“RO”): At least two SFC-approved ROs with regulatory knowledge and industry experience.

2) Key Obligations

i. Financial Resources:

• Minimum paid-up capital: HK$5 million.

• Minimum liquid capital: HK$3 million (varies by business model).

• Excess liquid capital to cover 12 months of operating expenses.

ii. Allowed VAs for Retail Investors: 

Limited to highly liquid tokens and HKMA-licensed stablecoins, mirroring VATP standards.

iii. Other Services: 

Advisory, asset management, staking, etc. require separate approvals under tailored regulations.

iv. AML/CFT Compliance: 

Includes customer due diligence (“CDD”), record-keeping, and transaction monitoring with blockchain analytic tools.

v. Client Asset Protection: 

Segregation of assets and safekeeping with licensed VA custodians in Hong Kong.

vi. Investor Safeguards: 

Assessing client VA knowledge, providing training, risk profiling, setting exposure limits, ensuring suitability, and managing conflicts of interest.

vii. Risk Management: 

Policies to address ML/TF and operational risks.

viii. Reporting: 

Submission of audited accounts, wallet addresses, and business details.

IV. Operational Aspects

1) Non-SFC-Licensed VATPs: 

An option is under consideration to allow dealing via overseas-regulated VATPs or liquidity providers, with safeguards like enhanced due diligence and risk disclosures (subject to further consultation).

2) Custody: 

Client VAs must be held with SFC-licensed or registered VA custodians in Hong Kong, aligning with a separate VA custodian consultation launched on 27 June 2025[4].

3) Monitoring: 

Licensees must track VA origins and destinations using advanced technological solutions.

V. Licensing and Transitional Arrangements

1) License Type: 

Open-ended, valid until revoked (e.g. for misconduct).

2) No Deeming Arrangement: 

Existing providers must apply for a license by the regime’s commencement date, with no automatic transitional approval.

3) Expedited Process: 

Available for SFC-licensed VATPs and regulated entities already offering VA dealing services.

4) Fees: 

Benchmarked to Type 1 regulated activity under the Securities and Futures Ordinance (“SFO”), e.g. HK$4,740 application fee and annual fee for licensed corporations.

VI. Powers and Sanctions

1) Regulatory Powers

2)        Sanctions

VII. Next Steps

The Public can submit the comment on or before 29 August 2025:

• Via email: vadealing-consult@fstb.gov.hk; or

• Post: Division 5, Financial Services Branch, Financial Services and the Treasury Bureau, 24/F, Central Government Offices, Tim Mei Avenue, Tamar Central, Hong Kong.

The final proposals to be determined after analyzing feedback from the Public.

VIII. Reference Materials

Full Consultation Paper:

• English: https://www.fstb.gov.hk/fsb/en/publication/consult/doc/VADEALING_consultation_paper_en.pdf

• Chinese: https://www.fstb.gov.hk/fsb/tc/publication/consult/doc/VADEALING_consultation_paper_tc.pdf

[1] https://www.fstb.gov.hk/fsb/en/publication/consult/doc/VAOTC_consultation_paper_en.pdf

[2] An advisor may, among others, provide advice and also take an order to purchase or sell VAs.

[3] Asset managers may, among others, place trade orders to dealers in the course of managing their own clients’ portfolios of VAs.

[4] https://apps.sfc.hk/edistributionWeb/api/consultation/openFile?lang=EN&refNo=25CP7

天匯合規顧問有限公司 ComplianceOne Consulting Limited

2025年6月30日