Nova interpretação da Comissão de Valores Mobiliários de Hong Kong: empresas de criptografia licenciadas podem continuar atendendo clientes existentes, mas não podem operar na China continental

Hong Kong Securities and Futures Commission further interprets the circular issued on May 22, stating that licensed companies only need to comply with account opening regulations to open new accounts for Mainland Chinese clients and continue serving existing clients.
（Background summary: End of transition period » HK SFC: Unlicensed exchanges cannot operate in Hong Kong from 6/1, VASP application status整理）
（Additional background: HK SFC latest guidelines: opening virtual asset collateralized financing, first sustainable contract framework, allowing related companies to market-making）

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• Core requirements of the circular
• The meaning of "providing within the country"
• Background of Hong Kong's crypto market

After the HK SFC issued the circular on May 22, it further clarified on June 10 that licensed companies in Hong Kong only need to meet account opening requirements to open new accounts for Mainland Chinese investors and can continue serving existing clients. But the premise is that the related services are not "provided within the country."

Core requirements of the circular

The key points listed by the SFC are as follows:

• Licensed companies can open new accounts for Mainland Chinese investors, but must comply with all account opening regulations
• Existing clients can continue to be served as long as the services are not provided within Mainland China
• These requirements also apply to financial institutions in other jurisdictions, not limited to Hong Kong
• Must comply with all laws and regulatory requirements of Hong Kong and applicable jurisdictions

The meaning of "providing within the country"

The SFC pointed out that the joint notice on May 22 contains two key requirements:

1. Service geographic restriction: Licensed companies can continue to serve Mainland Chinese clients, but the services must be conducted in Hong Kong or overseas regions where the clients are located, and cannot be carried out within Mainland China. This means that if the client is in Beijing, and the licensed company establishes a sales point or conducts promotion in Beijing, it falls under "providing within the country."

2. Scope expansion: These requirements not only apply to Hong Kong financial institutions but also cover activities of institutions in other jurisdictions when providing services to Mainland Chinese investors.

Background of Hong Kong's crypto market

Since 2025, Hong Kong has launched a virtual asset trading license system, and several exchanges have obtained licenses. The recent circular from the SFC further clarifies the scope of services for licensed companies, bringing clearer regulatory guidance to the market.

This interpretation of the circular also indicates that Hong Kong's crypto market is moving from the "licensing issuance" stage to the "substantive regulation" stage. In the future, the SFC may conduct regular inspections and spot checks to ensure licensed companies truly comply with account opening and service regulations.