Appendix A1 - Licensing or registration conditions and terms and conditions for licensed corporations or registered institutions providing virtual asset dealing services and virtual asset advisory services

Annex Email: HKMA E-mail Alert of 28 May 2026 (05:00 p.m. HKT)

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Title: Appendix A1 - Licensing or registration conditions and terms and conditions for licensed corporations or registered institutions providing virtual asset dealing services and virtual asset advisory services

Type: Annex

URL: https://brdr.hkma.gov.hk/eng/doc-ldg/docId/20260527-3-EN

Email Received: 2026-05-28 19:24

Summary Created: 2026-05-28 14:02

English Summary (4382 chars)
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Management Summary
  • Purpose / Background: This document (Appendix A1) outlines the licensing/registration conditions and operational terms for Licensed Corporations (LCs) and Registered Institutions (RIs) providing virtual asset (VA) dealing and advisory services in Hong Kong. It aligns with the regulatory framework set by the SFC and HKMA, particularly concerning omnibus account arrangements and the Stablecoins Ordinance (SO).
  • One-line conclusion: Entities must implement robust operational controls for VA dealing and advisory services, strictly limiting activities to authorized platforms/issuers and ensuring full compliance with custody, record-keeping, and suitability requirements.
  • Key Changes:
  • Established clear regulatory perimeter for "Introducing Agents" and "Omnibus Account" providers.
  • Integration of "Relevant Stablecoins" under the Stablecoins Ordinance (SO) into the dealing/advisory framework.
  • New requirements for VA Staking Activities, including mandatory risk disclosures and client acknowledgments.
  • Prohibition of VA market-making activities on the same execution venue used for client dealing services.
  • Enhanced record-keeping obligations (7-year retention for most records) and daily reconciliation requirements.
  • Key Dates / Deadlines: Effective May 2026.
  • Applicability / Impact scope: All LCs and RIs in Hong Kong engaging in VA dealing, advisory, staking, or VA financing services under omnibus arrangements.
  • Recommended management actions:
  • Conduct a gap analysis of current internal controls against the new terms, specifically for staking and omnibus account custody.
  • Update Client Agreements to include specific VA risk disclosures and clear descriptions of service limitations (e.g., no financial accommodation unless licensed for Type 1 margin financing).
  • Revise internal policies for identifying "red flags" related to market manipulation.
  • Implement a daily reconciliation process for client virtual assets and money held in omnibus accounts.
  • Establish a formal VA knowledge assessment process for non-institutional clients.
Detailed Summary
  1. Document Overview: Sets out mandatory conditions for LCs/RIs providing VA services. It covers two pillars: (i) VA Dealing Services (introducing agents or omnibus accounts) and (ii) VA Advisory Services.
  2. Main Requirements:
  • Omnibus Accounts: Must be maintained with an SFC-licensed platform or an HKMA-licensed stablecoin issuer. Only assets/fiat sufficient to cover trades can be executed.
  • Custody: LCs/RIs must strictly segregate client assets. No commingling with firm assets.
  • Suitability: Solicitation/recommendation to retail clients is limited to "eligible large-cap" assets (included in at least two acceptable indices).
  • Staking: Must disclose risks (slashing, lock-up, technical bugs) and obtain explicit client acknowledgement before engaging in staking activities.
  • VA Financing: Only permitted if the firm is licensed/registered for Type 1 regulated activity (securities margin financing) and follows specific collateral margin requirements.
  1. Key Changes: The framework formally introduces "Relevant Stablecoins" and provides specific carve-outs for RIs dealing only in these stablecoins (exempting them from the requirement to hold Type 1 license status).
  2. Important Dates & Transition: Effective date: May 2026.
  3. Impact and Risks: High operational burden on record-keeping and daily reconciliation systems. Significant compliance risk regarding the "suitability" of solicited assets and the prevention of market abuse.
  4. Compliance Action Checklist:
  • [ ] Draft/update "Client VA Risk Disclosure Statements."
  • [ ] Configure daily reconciliation workflows for omnibus accounts.
  • [ ] Appoint/verify internal auditor capability for the new annual VA control audit requirements.
  • [ ] Implement client "knowledge test" framework for non-professional investors.
  1. Appendices/Attachments Summary:
  • Schedule 1: Lists existing regulatory requirements (e.g., Code of Conduct, AML Guidelines) that apply by analogy to VA activities. It explicitly excludes sections of the Code of Conduct (e.g., Paragraph 16/Analysts, Schedule 8/ALP) that are superseded by these specific terms.
中文摘要 (2016 chars)
快速切換摘要區塊
管理層摘要
  • 目的/背景： 本文件（Appendix A1）旨在規範持牌法團（LC）及註冊機構（RI）提供虛擬資產（VA）交易及諮詢服務的發牌與註冊條件，配合《穩定幣條例》（SO）及相關證監會（SFC）法規，確保合規運作。
  • 一句話結論： 機構必須在嚴格的「綜合帳戶（Omnibus Account）」架構下，透過持牌平台或持牌穩定幣發行人進行VA交易，並須滿足嚴格的合規審查、客戶資產託管及風險披露要求。
  • 關鍵變更：
  1. 服務範疇： 明確了持牌法團/註冊機構作為「介紹人（Introducing Agents）」的角色，僅限轉介客戶開戶，不得代持資產。
  2. 營運架構： 必須使用綜合帳戶機制（Omnibus Account），除非針對特定穩定幣（Relevant Stablecoin），否則必須與現有的「證券交易（Type 1）」業務掛鉤。
  3. 審慎要求： 重申禁止機構進行市場操縱，並須建立即時報告機制。
  4. 質押活動（Staking）： 引入了對客戶質押活動的明確要求，需披露 slashing 風險、鎖倉風險及驗證節點相關風險。
  5. 市場操縱： 要求機構建立自動化預警機制以識別異常交易模式。
  6. 禁止事項： 明確禁止機構在執行交易的平台上進行市場莊家（Market Making）活動，以防利益衝突。
  • 重要日期 / 截止日： 文件標示為 2026 年 5 月生效。
  • 適用對象 / 影響範圍： 所有從事 VA 交易及諮詢服務的香港持牌法團及註冊機構。
  • 管理層建議行動：
  1. 檢視現有 VA 交易平台及穩定幣發行人的合規資質，確保其具備 SFC/HKMA 牌照。
  2. 更新所有客戶協議，確保清晰列明機構的「介紹人」角色及不具備託管功能的免責聲明。
  3. 針對零售客戶進行 VA 知識測試及風險揭示，確保其交易僅限於被核准的「大型虛擬資產」。
  4. 建立符合要求的自動化日常對帳系統，確保內部交易記錄與外部平台數據一致。
  5. 針對「質押服務（Staking）」進行合規評估，更新風險揭示書以涵蓋區塊鏈技術及合約風險。
詳細摘要

1) 文檔概述
本文檔為 2025 年 9 月 30 日補充聯合通函的附錄 A1，規定了 LC 和 RI 在提供 VA 交易及諮詢服務時的強制性條款，旨在將 VA 納入現行受規管金融活動的框架內。

2) 主要要求

  • 介紹人角色： 僅限介紹客戶開戶，機構不得提供任何金融住宿、結算或託管服務，必須書面告知客戶上述限制。
  • 綜合帳戶運作： 必須與 SFC 持牌平台或 HKMA 持牌穩定幣發行人建立綜合帳戶。所有交易應在資金或資產足以覆蓋的情況下執行。
  • 客戶知識測試： 向非機構投資者提供服務前，必須進行 VA 知識評估，若測試未過，需提供適當培訓。
  • 投資限制： 針對零售客戶，僅限交易符合流動性要求的「大型虛擬資產」（即同時納入至少兩個獨立指數提供者的指數中）。

3) 關鍵變更

  • 取消了「財務穩健性」章節（原 III 部分已廢除），轉向適用《證券及期貨（財務資源）規則》。
  • 引入了嚴格的質押（Staking）披露責任，機構必須告知客戶 Slashing（罰沒）風險及技術故障風險。

4) 重要日期與過渡安排

  • 生效日期： 2026 年 5 月。機構需在此日期前完成所有內部系統及合規政策的調整。

5) 對機構的影響與風險

  • 營運： 需要處理日常對帳（Daily Reconciliation），將內部帳戶與外部平台進行核對。
  • IT/合規： 必須能追蹤所有 VA 交易路徑，並保存至少 7 年的交易記錄。
  • 利益衝突： 禁止在提供服務的平台上進行自營市場莊家交易。

6) 合規動作清單（checklist）

  • [ ] 執行與客戶的書面協議（清楚定義非託管角色）。
  • [ ] 建立「了解客戶（KYC）」流程，特別是針對零售客戶的知識測試。
  • [ ] 設置市場操縱監控與異常交易通報程序。
  • [ ] 部署符合要求的記錄保存系統（包括交易時間戳、授權記錄）。
  • [ ] 確保所有廣告及推廣資訊符合公平、誠實及公正原則。

7) 附件/附錄摘要

  • Schedule 1（現行監管要求）： 列出了適用於 VA 交易的相關守則（如《操守準則》、《網上分銷及投資諮詢平台指引》、《反洗錢指引》等），機構需將原有的金融產品定義擴展至包含虛擬資產。