Hong Kong Virtual Asset Exchange Advisory
Hong Kong's VATP regime is the most retail-permissive credible licence in Asia. It is also the most demanding on internal controls. For operators with regional ambition, it is the licence that opens institutional and retail flow on the same rails.
- Licence
- SFC VATP (Type 1 + Type 7)
- Retail access
- Permitted for approved tokens
- Capital
- HKD 5M paid-up + liquid capital test
- Insurance
- Mandatory hot/cold wallet cover
What a VATP licence actually permits
Spot trading in SFC-approved tokens for both retail and professional investors, custody under the segregation rules, and a clearly defined listing process that the SFC vets in advance. Derivatives remain restricted.
The listings vetting bar
Every token requires a smart contract review, an issuer due-diligence file and an internal product committee sign-off the SFC can inspect. Run the process as if every listing will be examined — because it will be.
Is the VATP licence faster than MAS DPT?
Comparable in elapsed time but heavier on operational uplift before go-live. Most credible applicants spend 18 months from first filing to active retail trading.
Live decision on the table?
Licensing, market structure, MM panel design, listings framework, or institutional onboarding — direct partner time, no pitch deck.