Hong Kong is enhancing its digital asset regulatory framework by transitioning from a single exchange licensing model to a comprehensive licensing matrix. This new structure, announced in December 2025, includes trading, advisory, and asset management licenses. The Financial Services and Treasury Bureau, along with the Securities and Futures Commission, released a consultation summary for Virtual Asset (VA) Dealing licensing and initiated a public consultation on VA Advisory and VA Management. The updated framework builds on the VATP licensing introduced in June 2023, integrating virtual asset services into traditional licenses. It also introduces new VA Advisory and VA Management licenses to address regulatory gaps, notably removing the 10% threshold for virtual assets in investment portfolios. Stakeholders are invited to provide feedback by January 23, 2026.