Hong Kong Mandates Crypto Dealer and Custodian Licenses; Dec. 24 Plan Sets HK$5m/10m

On Dec. 24, Hong Kong's Financial Services and the Treasury Bureau and the Securities and Futures Commission said virtual asset dealers and custodians will need licenses under a new framework. The plan covers OTC, brokerage and conversions, imposes fit-and-proper checks and capital floors of HK$5 million for dealers and HK$10 million for custodians. A separate consultation will extend licensing to advisory and management providers.