Hong Kong Virtual Asset Trading License Application Cycle and Fees and Approval and Application

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:

1. License application period

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.

II. Cost Structure (Unit: HKD)

III. Key implementation points

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: