SFC & FSTB Issue Conclusions on Licensing VA Dealing and Further Proposals on Licensing VA Advisory and Management Service Providers

In December 2025, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) published¹ consultation conclusions on their proposed licensing regime for providers of virtual asset (VA) dealing services and a further consultation on proposed licensing regimes for VA advisory and VA management service providers (Further Consultation). The proposed licensing regimes are aligned with those for regulated activities Types 1, 4 and 9 under the Securities and Futures Ordinance (SFO).