Securities and Futures Commission (SFC): register, licences and requirements
The Securities and Futures Commission (SFC) is Hong Kong's statutory financial regulator for securities, futures, and virtual asset markets, established in 1989. It licenses and supervises investment brokers, fund managers, and crypto trading platforms across Regulated Activities Types 1 to 10 and 13, alongside the AMLO VATP regime. As of mid-2026, the SFC supervises 3,517 licensed corporations, including 13 licensed virtual asset trading platforms, and 51,733 total market participants.
How to check a firm on the SFC register
Users search the public register by firm name, individual name, Central Entity (CE) number, or regulated activity type. An active entry specifies licensing status, effective dates, approved regulated activities, licensing conditions, accredited responsible officers, and registered office address in Hong Kong.4
- Public Register of Licensed Persons and Registered Institutions (Search by Name or CE Number)4
- Public Register of Licensed Persons and Registered Institutions (Search by Regulated Activity)4
- List of Licensed Virtual Asset Trading Platforms and VATP Applicants14
- Public Register of Licensees and Registered Institutions Portal4
At a glance
| Official name | Securities and Futures Commission (證券及期貨事務監察委員會) |
|---|---|
| Jurisdiction | Hong Kong |
| Type | Securities regulator |
| Headquarters | Hong Kong1 |
| Founded | 19892 |
| Website | sfc.hk3 |
| Public register | Official public register4 |
| Licence types in the Atlas | 5 |
What SFC supervises
The Securities and Futures Commission regulates and develops Hong Kong's securities, futures, and virtual asset markets under the Securities and Futures Ordinance and the AMLO, maintaining market integrity and investor protection while the Hong Kong Monetary Authority (HKMA) independently oversees banks, stored value facilities, and fiat-referenced stablecoin issuers.15
- Securities brokers, futures dealers, margin financiers, and automated trading facilities16
- Asset managers, private equity managers, hedge funds, and open-ended fund companies (OFCs)16
- Centralized virtual asset trading platform operators (VATPs) and VA intermediaries under AMLO17
- Corporate finance advisers, listing sponsors, and credit rating agencies16
- Publicly offered investment products, unit trusts, mutual funds, and real estate investment trusts (REITs)18
Licences SFC issues
- IF · Hong Kong
Type 1 Licence for Dealing in Securities
- IF · Hong Kong
Type 2 Licence for Dealing in Futures Contracts
- IF · Hong Kong
Type 4 Licence for Advising on Securities
- IF · Hong Kong
Type 6 Licence for Advising on Corporate Finance
- IF · Hong Kong
Type 7 Licence for Providing Automated Trading Services
Lesser-known services for applicants
Pre-application meeting / pre-assessment
The SFC does not operate a formal pre-application assessment or draft review service for standard licensing applications under the SFO. However, prospective fintech and virtual asset applicants may submit non-binding informal perimeter inquiries to the FinTech Contact Point via an online form or email vatp-licensing@sfc.hk free of charge prior to formal lodgement.5
Innovation hub
The SFC established the FinTech Contact Point to maintain dedicated communication with businesses developing financial technologies, clarify regulatory requirements, and assist firms operating innovative business models including robo-advisory and virtual asset operations.6
Regulatory sandbox
The SFC Regulatory Sandbox provides a confined regulatory environment for qualified licensed corporations and startups using innovative technology to conduct regulated activities under tailored licensing conditions and close supervisory monitoring. The SFC expects most standard fintech applicants to follow normal licensing procedures without entering the Sandbox.7
Application portal: WINGS (Web-based Information Network and Governance System) at wings.sfc.hk8
Fee schedule: Securities and Futures (Fees) Rules (Cap. 571AF) Schedule 1 setting out statutory fees for corporate and individual licence applications, annual supervision levies, and post-licensing changes9
Compare with other regulators: pre-application meetings · sandboxes and innovation hubs.
Statistics
- 13 virtual asset trading platform operators formally licensed in Hong Kong as of 24 September 2026 (SFC VATP Register)14
Fees and timelines
| Licence | Fee | Amount |
|---|---|---|
| Virtual Asset Trading Platform Operator Licence (AMLO and SFO Types 1 & 7) | application | HKD 14,2205 |
| Virtual Asset Trading Platform Operator Licence (AMLO and SFO Types 1 & 7) | annual | HKD 14,22010 |
| Type 1 Licence for Dealing in Securities | application | HKD 4,7405 |
| Type 1 Licence for Dealing in Securities | annual | HKD 4,74010 |
| Type 7 Licence for Providing Automated Trading Services | application | HKD 4,7405 |
| Type 7 Licence for Providing Automated Trading Services | annual | HKD 4,74010 |
| Type 9 Licence for Asset Management | application | HKD 4,7405 |
| Type 9 Licence for Asset Management | annual | HKD 4,74010 |
| Type 4 Licence for Advising on Securities | application | HKD 4,7405 |
| Type 4 Licence for Advising on Securities | annual | HKD 4,74010 |
| Type 2 Licence for Dealing in Futures Contracts | application | HKD 4,7405 |
| Type 2 Licence for Dealing in Futures Contracts | annual | HKD 4,74010 |
| Type 6 Licence for Advising on Corporate Finance | application | HKD 4,7405 |
| Type 6 Licence for Advising on Corporate Finance | annual | HKD 4,74010 |
| Licence | Statutory deadline | Observed |
|---|---|---|
| Virtual Asset Trading Platform Operator Licence (AMLO and SFO Types 1 & 7) | Within a reasonable time from submission of a complete application11 | 12 to 18 months, requiring independent external assessment under HKSAE 3000, technical cybersecurity audit, and AFRC-regulated CPA sign-off12 |
| Type 1 Licence for Dealing in Securities | 15 weeks from submission of a complete corporate application13 | SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)5 |
| Type 7 Licence for Providing Automated Trading Services | 15 weeks from submission of a complete corporate application13 | SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)5 |
| Type 9 Licence for Asset Management | 15 weeks from submission of a complete corporate application13 | SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)5 |
| Type 4 Licence for Advising on Securities | 15 weeks from submission of a complete corporate application13 | SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)5 |
| Type 2 Licence for Dealing in Futures Contracts | 15 weeks from submission of a complete corporate application13 | SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)5 |
| Type 6 Licence for Advising on Corporate Finance | 15 weeks from submission of a complete corporate application13 | SFC performance target: 15 weeks to process a complete corporate licence application (one target for all regulated activity types)5 |
Changing the owner of a licensed firm
Prior approval required. Under Section 132 of the Securities and Futures Ordinance (SFO), prior approval from the SFC is mandatory before any person can become or continue to be a substantial shareholder of a licensed corporation. Under Schedule 1 Part 1 Section 6, a substantial shareholder threshold is 10% or more of issued shares, 10% or more of voting power at general meetings, or control of 35% or more of voting rights in a holding entity. If acquired without prior knowledge, application must be made within 3 business days of becoming aware. An application fee of HKD 3,000 applies via Form 7 on WINGS-LIC, and approvals are valid for 6 months.5
Laws SFC applies
- Securities and Futures Ordinance: Cap. 571 (enacted as Ord. No. 5 of 2002)
Recent and upcoming changes
- 2026-05-27: SFC and HKMA issued parallel circulars on the provision of services regarding Relevant Stablecoins (fiat-referenced stablecoins issued by HKMA-licensed entities under the Stablecoins Ordinance), relaxing certain intermediary virtual asset requirements.17
- 2026-02-11: SFC released circulars outlining the regulatory framework for virtual asset perpetual contracts, permitting VATP operators to accept affiliated market makers, and updating custody standards.17
- 2025-08-01: Hong Kong Stablecoins Ordinance (Cap. 656) entered into force, establishing HKMA's statutory licensing regime for fiat-referenced stablecoin issuers, while the SFC regulates secondary platform trading.19
- 2025-01-16: SFC issued Circular 25EC2 streamlining external assessment reports for VATP applicants into a single post-deployment HKSAE 3000 assurance engagement signed off by an AFRC-regulated CPA firm under a tripartite agreement.12
- 2024-06-01: Transitional period under Schedule 3G to AMLO ended; operating an unlicensed virtual asset trading platform in Hong Kong without deemed-to-be-licensed status became a criminal offence.14
Contacts and public register
Address: 54/F, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong1
Website: sfc.hk3
Check whether a firm is licensed: official register4 · official register4 · official register14 · official register4.
Frequently asked questions
What is the difference between SFC and HKMA in Hong Kong financial regulation?
Hong Kong operates a sectoral regulatory model. The SFC regulates capital markets, broker-dealers, asset managers, and virtual asset trading platforms under the SFO and AMLO. The Hong Kong Monetary Authority (HKMA) operates as the de facto central bank, supervising commercial banks, stored value facilities (SVFs), and fiat-referenced stablecoin issuers under the Stablecoins Ordinance.
What licences are required to operate a crypto exchange in Hong Kong?
Centralized crypto exchanges in Hong Kong require dual authorization from the SFC: a Virtual Asset Service Provider (VASP) licence under the AMLO, and Type 1 (Dealing in securities) and Type 7 (Automated trading services) licences under the SFO. Operators must maintain HK$5,000,000 paid-up capital, store 98% of client assets in cold wallets, and undergo independent HKSAE 3000 audit.
Does the SFC offer a regulatory sandbox for fintech startups?
Yes. The SFC operates the SFC Regulatory Sandbox launched under circular 17EC63. It allows qualified licensed corporations and innovative startups to test regulated fintech products under tailored supervisory conditions before full-scale commercialization. However, standard fintech applications such as robo-advisors are expected to use standard SFO licensing channels without sandbox entry.
What are the regulatory application and annual fees for an SFC licence?
Under the Securities and Futures (Fees) Rules (Cap. 571AF), corporate application fees are HKD 4,740 per regulated activity (e.g., Types 1, 4, 7, and 9), with an annual supervisory fee of HKD 4,740 per activity. A VATP operator applying for Types 1, 7, and AMLO VA service pays HKD 14,220 in total application fees.
What is the change-of-control rule for an SFC licensed corporation?
Under Section 132 of the SFO, acquiring 10% or more of voting power or issued shares, or controlling 35% or more of a holding entity, requires mandatory prior written approval from the SFC before completion. Applications must be submitted via Form 7 on WINGS with a statutory HKD 3,000 fee, and granted approvals remain valid for 6 months.
What is the statutory timeline for obtaining an SFC licence?
The SFC pledges a 15-week decision target for corporate applications and 10 weeks for responsible officers under its Corporate Governance Performance Pledges. However, complex applications such as VATPs realistically take 12 to 18 months due to mandatory independent HKSAE 3000 system audits, cybersecurity reviews, and capital verification.
Sources
- sfc.hk: Contact us · retrieved 2026-09-24
- en.wikipedia.org: Securities and Futures Commission · secondary · retrieved 2026-09-24
- sfc.hk · retrieved 2026-09-24
- sfc.hk: Register of licensed persons and registered institutions · retrieved 2026-09-24
- sfc.hk: Application procedures · retrieved 2026-09-24
- sfc.hk: Welcome to the Fintech Contact Point · retrieved 2026-09-24
- sfc.hk: SFC Regulatory Sandbox · retrieved 2026-09-24
- wings.sfc.hk · retrieved 2026-09-24
- elegislation.gov.hk: cap571AF · retrieved 2026-09-24
- sfc.hk: Annual licensing fees · retrieved 2026-09-24
- elegislation.gov.hk: cap615 · retrieved 2026-09-24
- sfc.hk: External assessment reports for licence applications · retrieved 2026-09-24
- sfc.hk: Performance pledges · retrieved 2026-09-24
- sfc.hk: Lists of virtual asset trading platforms · retrieved 2026-09-24
- sfc.hk: Regulatory objectives · retrieved 2026-09-24
- sfc.hk: Types of intermediary and licensed individual · retrieved 2026-09-24
- sfc.hk: Virtual asset trading platforms operators · retrieved 2026-09-24
- sfc.hk: Who we regulate · retrieved 2026-09-24
- sfc.hk: Virtual assets · retrieved 2026-09-24
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