According to Hong Kong regulatory requirements, the following core conditions and processes must be met when applying for a compliant virtual asset trading platform license. The specific periods and fees are as follows:
Single license approval time:
The standard review period for each license (including SFC No. 1, No. 7, and VASP license) is 3–6 months. The review content includes company background, compliance policies, technical architecture, and fund management.
Overall process superposition effect:
Because different licenses need to be applied independently and the complexity of the materials varies, the complete application process may take 6–12 months, especially when technical on-site inspections are involved.
Transition period restrictions:
After the transition period ends on June 1, 2024, unlicensed platforms are not allowed to operate in Hong Kong, and new applications must reserve sufficient time.
License combination requirements:
Virtual asset trading platforms must hold:
SFC No. 1 license (securities virtual asset trading)
SFC No. 7 license (automated trading system)
VASP license (non-securities virtual asset trading).
Senior management qualification threshold:
Responsible personnel (RO) must have more than 3 years of industry experience and must pass the SFC "appropriate person" review.
Customer asset protection:
Customer assets must be kept by a licensed trust company or a wholly-owned subsidiary, or insurance/fund reserve solutions must be provided.
Notes: The actual cost may be significantly higher than the basic application fee due to the size of the enterprise, fluctuations in lawyer fees and differences in technical solutions, and the comprehensive investment will be at least tens of millions of Hong Kong dollars. It is recommended to entrust a compliant intermediary to evaluate the complete plan before applying.
As of June 27, 2025, a total of 11 companies in Hong Kong have been approved for virtual asset trading platform licenses. The specific list is as follows:
Six top Spanish footballers are under investigation for promoting Shirtum, a crypto project that defrauded investors of over $3.4 million by selling NFTs linked to player image rights but never delivering a working platform.
CatherineStripe has bought Privy to integrate its crypto wallet technology into Stripe’s payment services. The deal aims to make Web3 payments smoother for developers and businesses by reducing friction in wallet setup and transactions.
WeatherlyASIC has banned Glenda Rogan for ten years after she allegedly misused $9.6 million in client funds, directing them to "Financial Centre," a UK platform on ASIC’s blacklist. Clients were misled to believe their money was going into safe, fixed-interest accounts, but it was instead funnelled into a risky crypto scheme.
KikyoAnt Group plans to apply for stablecoin licences in Hong Kong, Singapore, and Luxembourg as part of its global expansion. Its Whale platform already powers over $1 trillion in cross-border payments, and the company aims to support faster, regulated crypto transactions for businesses.
AnaisRetailers are increasingly in the crosshairs of cybercriminals—and not just during peak shopping seasons. With outdated access controls and vulnerable networks, many in the sector are finding themselves exposed to a rising wave of sophisticated attacks.
CatherineTwo US senators have questioned Meta over possible stablecoin plans, asking for clear answers on its intentions. They raised concerns about privacy, competition, and Meta’s past failed attempt with Libra.
AnaisBinance has reopened its crypto services to users in Syria after the US lifted sanctions in May 2025. Syrians can now trade, send money, and access crypto tools using their local currency.
WeatherlyBinance now offers full access to Syrian users after the US lifted sanctions, removing Syria from its Prohibited Countries list. Syrians can trade over 300 tokens, joining 270 million users globally—a major shift for a region long cut off from global finance. Could this be a breakthrough for financial inclusion?
CatherineShopify has teamed up with Coinbase and Stripe to let merchants in 34 countries accept USDC payments through its platform. The system uses Coinbase’s Base network and allows payouts in either USDC or local currency, with no cross-border fees.
WeatherlyBetween 13 to 30 May, 49 people in Singapore were arrested for allegedly helping launder scam proceeds by sharing personal data and account credentials. Authorities warn such crimes carry heavy fines and jail time.
Kikyo