In December 2025, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) published consultation conclusions1 setting out the key parameters of their proposed licensing regime for providers of virtual asset (VA) custodian services (VA Custodian Consultation Conclusions), which are summarised in this newsletter. For details of the consultation paper’s original proposals,2 please refer to our newsletter SFC & FSTB Consult on Regulation of Virtual Asset Custodians.