Regulatory requirements
SFC-licensed or registered intermediaries carrying on business involving virtual asset-related activities are subject to a wide range of regulatory requirements.
The relevant regulatory requirements can be found in the following SFC publications:
Virtual asset fund managers
- Further Public Consultation on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers (24 December 2025)
- Supplemental joint circular on intermediaries’ virtual asset-related activities (30 September 2025)
- Circular on SFC-authorised funds with exposure to virtual assets (22 December 2023)
- Joint circular on intermediaries’ virtual asset-related activities (22 December 2023)
- Circular on intermediaries engaging in tokenised securities-related activities (2 November 2023)
- Circular on tokenisation of SFC-authorised investment products (2 November 2023)
- Joint circular on intermediaries’ virtual asset-related activities (20 October 2023) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 22 December 2023)
- Circular on Virtual Asset Futures Exchange Traded Funds (31 October 2022) (superseded by the circular on SFC-authorised funds with exposure to virtual assets on 22 December 2023)
- Joint circular on intermediaries' virtual asset-related activities (28 January 2022) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 20 October 2023)
- Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets (4 October 2019)
- SFC sets out new regulatory approach for virtual assets (1 November 2018)
- Circular to intermediaries on compliance with notification requirements (1 June 2018)
- Circular to clarify the "relevant industry experience" requirement for Responsible Officers under the Guidelines on Competence (29 September 2017)
- Circular to announce the SFC Regulatory Sandbox (29 September 2017)
Intermediaries dealing in or advising on virtual assets
- Circular on licensed corporations providing virtual asset dealing services (1) to offer financing for virtual asset dealing and access to shared order book, and (2) to safeguard client virtual assets relating to withdrawals (11 February 2026)
- Further Public Consultation on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers (24 December 2025)
- Consultation Conclusions on Legislative Proposal to Regulate Dealing in Virtual Assets (24 December 2025)
- Supplemental joint circular on intermediaries’ virtual asset-related activities (30 September 2025)
- Public Consultation on Legislative Proposal to Regulate Dealing in Virtual Assets (27 June 2025)
- Circular on SFC-authorised funds with exposure to virtual assets (22 December 2023)
- Joint circular on intermediaries’ virtual asset-related activities (22 December 2023)
- Circular on intermediaries engaging in tokenised securities-related activities (2 November 2023)
- Circular on tokenisation of SFC-authorised investment products (2 November 2023)
- Joint circular on intermediaries’ virtual asset-related activities (20 October 2023) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 22 December 2023)
- Joint circular on intermediaries' virtual asset-related activities (28 January 2022) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 20 October 2023)
- Statement on Security Token Offerings (28 March 2019) (superseded by the circular on intermediaries engaging in tokenised securities-related activities on 2 November 2023)
- Circular to intermediaries on compliance with notification requirements (1 June 2018)
- Circular to clarify the "relevant industry experience" requirement for Responsible Officers under the Guidelines on Competence (29 September 2017)
- Circular to announce the SFC Regulatory Sandbox (29 September 2017)
Intermediaries distributing virtual asset-related products
- Supplemental joint circular on intermediaries’ virtual asset-related activities (30 September 2025)
- Circular on SFC-authorised funds with exposure to virtual assets (22 December 2023)
- Joint circular on intermediaries’ virtual asset-related activities (22 December 2023)
- Circular on intermediaries engaging in tokenised securities-related activities (2 November 2023)
- Circular on tokenisation of SFC-authorised investment products (2 November 2023)
- Joint circular on intermediaries’ virtual asset-related activities (20 October 2023) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 22 December 2023)
- Circular on Virtual Asset Futures Exchange Traded Funds (31 October 2022) (superseded by the circular on SFC-authorised funds with exposure to virtual assets on 22 December 2023)
- SFC reminds investors of risks associated with non-fungible tokens (6 June 2022)
- Joint circular on intermediaries' virtual asset-related activities (28 January 2022) (superseded by the joint circular on intermediaries’ virtual asset-related activities on 20 October 2023)
- Warning statement on unregulated virtual asset platforms (16 July 2021)
- SFC issues warnings on virtual asset futures contracts (6 November 2019)
- Statement on Security Token Offerings (28 March 2019) (superseded by the circular on intermediaries engaging in tokenised securities-related activities on 2 November 2023)
- Circular to intermediaries on compliance with notification requirements (1 June 2018)
- SFC's regulatory action halts ICO to Hong Kong public (19 March 2018)
- SFC warns of cryptocurrency risks (9 February 2018)
- SFC issues reminder on cryptocurrency-related products and derivatives (11 December 2017)
- Circular to clarify the "relevant industry experience" requirement for Responsible Officers under the Guidelines on Competence (29 September 2017)
- Circular to announce the SFC Regulatory Sandbox (29 September 2017)
- SFC issues statement on initial coin offerings (5 September 2017)
Last update: 4 Mar 2026