Quick Facts
| Parameter | Value |
|---|---|
| License name | VATP License |
| Country | Hong Kong |
| Regulator | SFC |
| What it covers | Virtual Asset Trading Platform under AMLO + SFO |
| Minimum capital | HKD 5–10M paid-up + HKD 3M liquid |
| Timeline | 12+ months |
What is the VATP License?
The VATP License is a regulator authorisation issued by SFC that allows a regulated entity in Hong Kong to provide the services covered by the regime. Mandatory for centralised exchanges.
Who needs a VATP License?
Operators offering services that fall within the activity definition supervised by SFC. The activity scope captures virtual asset trading platform under amlo + sfo — and you should treat anything within or adjacent to that scope as caught until the structure has been opined on.
How the VATP License application works
The application is run as a structured five-stage workstream: scoping and gap analysis, incorporation and substance, AML/KYC programme drafting, regulator submission and RFI cycles, and post-licence onboarding. Total time from kickoff to authorisation is 12+ months.
Cost of the VATP License
The total first-year cost combines: regulator fee, statutory capital tied up at HKD 5–10M paid-up + HKD 3M liquid, legal fees confirmed at engagement, substance (resident director, office, AML officer where required), and the first year of ongoing supervision. We provide a fixed-scope quote at engagement so the number is not a moving target.
Pitfalls to avoid
- Mismatched substance. Paper directors and serviced offices are detected at first examination. Substance must be substantive;
- Generic AML programmes. SFC reads policies as a competency signal — generic templates are visible;
- Banking afterthoughts. A licence without a bank account is a paperweight. Banking is part of the engagement, not bolted on after authorisation;
- Ignoring the year-one supervision burden. Authorisation is the start. Annual audit, AML refresh and material-change notifications are calendared from day one.
Frequently asked questions
What does the VATP License cover?
The VATP License authorises virtual asset trading platform under amlo + sfo. It is supervised by SFC. Mandatory for centralised exchanges.
What is the timeline for the VATP License?
Typical timeline is 12+ months from kickoff to authorisation. Variance comes from RFI cycles and the quality of the application file at submission, not from the published schedule.
What is the minimum capital for the VATP License?
Statutory capital is HKD 5–10M paid-up + HKD 3M liquid. Capital is one input — substance, governance and the AML programme usually drive the application outcome more than the capital line on its own.
How does the VATP License fit alongside other Hong Kong licences?
Most operating models in Hong Kong combine VATP License with one of the other available regimes — see the full list on the Hong Kong page.
Who supervises VATP License authorisation in Hong Kong?
SFC is the supervising authority. The same regulator handles ongoing supervision after authorisation, including annual returns and material-change notifications.