香港证监会推进虚拟资产咨询与管理规则

香港金融服务及财政局（FSTB）与证券及期货事务监察委员会（SFC）于周二发布了关于咨询结论，就在《反洗钱及反恐融资条例》下规范虚拟资产咨询及虚拟资产管理服务的发牌制度提出咨询结论。该次咨询表明市场对拟议制度的支持广泛，受访者大体同意在“同一业务、同一风险、同一规则”原则下的政策方向。该框架将虚拟资产咨询及管理的适用范围与现有涵盖证券咨询及酌情资产管理的受监管活动相一致。此次监管发展标志着香港完善数字资产发牌框架的完成，其中亦包括就虚拟资产买卖及托管服务的并行提案。

Framework Scope and Structure

Under the proposed structure, advisory services would capture business activities involving recommendations on the acquisition or disposal of virtual assets. Management rules would apply where firms exercise discretionary control over virtual asset portfolios.

The regimes set baseline financial resources requirements, including minimum liquid capital of HKD 100,000 ($12,760) for firms not holding client assets, and up to HKD 5 million ($638,095) in paid-up capital alongside HKD 3 million ($328,862) in liquid capital where client assets are held.

Dual Licensing and Capital Requirements

Dually licensed entities will not face double regulatory capital requirements, instead defaulting to the highest capital floor among their authorized activities. This provision simplifies compliance for firms operating across multiple regulated virtual asset services.

下一步

FSTB 与 SFC 计划于 2026 年向立法会提交法案。鼓励现有及潜在的虚拟资产咨询及管理服务提供者尽早与 SFC 沟通，以启动申请前讨论。

SFC 行政总裁 Julia Leung 表示：“进一步咨询的结论标志着我们完成数字资产监管框架之旅的最后一段，为生态系统的长期扩展铺平道路。市场的广泛支持凸显了对健全且全面监管的强烈需求。通过与传统金融服务标准保持一致，新制度将加强对投资者的保护，同时推动负责任的创新。”