Hong Kong is a major international banking and capital markets centre and the main gateway for capital flows into and out of mainland China. Banking, stored value and stablecoin issuers are licensed by the Hong Kong Monetary Authority (HKMA), while securities, leveraged FX and virtual asset trading platforms are licensed by the Securities and Futures Commission (SFC).
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes10
CurrencyHKD
S&P ratingAA+
Next electiondue by 2027
Not on the FATF grey or black lists after the June 2026 plenary, not on the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as amended, latest by Delegated Regulation (EU) 2026/46), and not on Annex I of the EU tax list updated 17 February 2026. Checked 7 October 2026.
Government and politics
Government
Executive-led special administrative region under 'one country, two systems'
President of the People's Republic of China
Xi Jinping · since March 2013
Chief Executive
John Lee Ka-chiu (Nonpartisan)
Governing parties
No political parties in government
Last election
Legislative Council, 7 December 2025
Next election
Chief Executive (by the 1,500-member Election Committee), due by 2027. John Lee's term ends on 30 June 2027; the next Legislative Council election is due in December 2029
Legislature
Legislative Council (unicameral, 90 seats: 40 Election Committee, 30 functional and 20 geographical constituency seats)
Legal system
English common law
Economy and finance
Population
7.5m (2025)
GDP
USD 427.3bn (2025)
GDP per person
USD 56,893 (2025)
Currency
Hong Kong dollar (HKD), currency board linked to USD (Linked Exchange Rate System, 7.75 to 7.85 per dollar)
Central bank
Hong Kong Monetary Authority
Credit rating
S&P AA+ (stable) · Moody's Aa3 (stable) · Fitch AA- (stable) (as of May 2026)
Hong Kong is a leading international financial centre and the main gateway for capital into and out of mainland China, with banks supervised by the Hong Kong Monetary Authority under a common law system separate from the mainland.
Bank
Banking licence (licensed bank)
Minimum capitalUSD 38.2m
TimelineNot published
AuthorityHKMA
HKD 300 million minimum capital (paid-up share capital and share premium)
Law
Banking Ordinance (Cap. 155), s 16 and Seventh Schedule
Passporting
No passporting
Key requirements
Fit and proper chief executive, directors, controllers and executive officers
Sound capital, liquidity and asset quality; adequate internal controls and accounting systems
Adequate home country supervision for banks incorporated outside Hong Kong
May accept deposits of any size and maturity from the public and operate current and savings accounts
Money service operator licence (MSO): money changing and remittance
Minimum capitalNot published
TimelineNot published
AuthorityCommissioner of Customs and Excise
Law
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), Part 5
Fees
Application, renewal, premises and fit and proper test fees under the AMLO fee schedule (Licensing Guide section XIV); amounts not confirmed from the text extracted
Passporting
No passporting
Key requirements
Licence normally valid for 2 years
Fit and proper test for sole proprietor, partners, directors and ultimate owners
Business plan and AML/CFT policy; compliance officer and MLRO
Registered business premises and a dedicated bank account
Virtual asset trading platform licence (VATP), AMLO and SFO
Minimum capitalUSD 637k
TimelineNot published
AuthoritySFC
Paid-up share capital of at least HKD 5 million; liquid capital of the higher of HKD 3 million and the basic amount; liquid assets equal to 12 months of actual operating expenses
Law
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), Part 5B; Securities and Futures Ordinance (Cap. 571), Types 1 and 7 for security tokens
Fees
Application fee HKD 4,740 for the AMLO VA service licence and HKD 4,740 per SFO regulated activity
Passporting
No passporting
Key requirements
Centralised platforms serving Hong Kong or actively marketing to Hong Kong investors must be licensed
SFC suggests applying under both SFO and AMLO regimes in one consolidated application
External assessment report by a suitable assessor
Responsible officers and licensed representatives; client asset custody controls
SFC licence for Type 1 regulated activity (dealing in securities)
Minimum capitalUSD 637k
TimelineSFC states about 15 weeks for a licensed corporation application
AuthoritySFC
HKD 5 million paid-up share capital and HKD 3 million liquid capital in the general case; HKD 10 million paid-up if providing securities margin financing; introducing agents and traders need only HKD 500,000 liquid capital
Law
Securities and Futures Ordinance (Cap. 571), s 116; Securities and Futures (Financial Resources) Rules
Passporting
No passporting
Key requirements
At least two responsible officers per regulated activity, one an executive director
At least one responsible officer available at all times in Hong Kong
Fit and proper corporation, substantial shareholders and officers
Ongoing financial resources compliance and audited accounts
Hong Kong Monetary Authority (HKMA) · websitebanks, E-money institutions, Virtual asset service providers (VASPs)
Securities and Futures Commission (SFC) · websiteInvestment firms, FX brokers, Virtual asset service providers (VASPs)
Customs and Excise Department (Money Service Supervision Bureau) (C&ED) · websitePayment service providers
Three-tier banking reform: in its 5 August 2024 consultation conclusions the HKMA confirmed it will merge deposit-taking companies into restricted licence banks (two-tier system) with a 5-year transition and is preparing the legislative amendments; we did not confirm enactment as of 2026-10-07. Gaming: there is no licence for online casinos or betting; gambling is prohibited under the Gambling Ordinance (Cap. 148) except for authorised activities, and the Hong Kong Jockey Club is the only authorised operator of betting on horse racing, football and lotteries. The SFC licence timeline is a normal processing time stated in its Licensing Handbook, not a statutory deadline. MSO fee amounts are set in the AMLO fee schedule and were not confirmed from the extracted guide text.
General information
About Hong Kong
Natural Earth boundaries. Map is indicative.
Status
Special Administrative Region of China
Area
1,108 km²
Official languages
Chinese (Cantonese), English
Time zone
UTC+08:00
Main exports
financial services
trade and logistics services
gold
integrated circuits
broadcasting equipment
Main export partners
China
Vietnam
South Korea
Netherlands
Switzerland
Sources for the country information(10)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
