Hong Kong's Securities and Futures Commission opened applications for its new licensing regime for virtual asset trading platforms, formalising rules under which retail investors may access selected tokens.
The framework requires platforms to meet investor-protection, custody, and cybersecurity standards, while limiting retail access to large-cap tokens with sufficient liquidity and listing on major indices.
Major exchanges including OSL and HashKey have been among the first licence holders, while several global platforms have weighed up the cost-benefit of formal Hong Kong operations.
The push aligns with the territory's broader effort to position itself as a regulated bridge between mainland Chinese capital and the global Web3 economy.