Hong Kong Reaffirms Crypto Licensing Bill Amendment by End-2026

Hong Kong is consolidating its crypto regime into a single licensing framework covering trading, custody, advisory and management — a scope wide enough to pull in firms that have so far sat outside any formal perimeter. The stablecoin licensing track already moving, with the HKMA processing applications and issuing its first licences, suggests the regulator is building a layered system rather than a single gate. What matters is sequencing: whether the bill amendment lands on schedule by end-2026, and whether the stablecoin precedent shapes how the broader licensing regime is applied in practice.