Virtual assets remain one of the world's most promising markets. With regulatory frameworks solidifying and compliant projects proliferating, demand for licensed virtual asset trading accounts in Hong Kong has surged. This comprehensive guide details account opening procedures for Hong Kong's three licensed retail virtual asset platforms: OSL, Hashkey Exchange, and Victory Securities.
Why Choose Licensed Platforms?
- Regulatory Oversight: All three platforms operate under Hong Kong Securities and Futures Commission (SFC) licenses.
- Investor Protections: Compliant platforms offer insured wallets, third-party audits, and transparent operations.
- Market Access: Retail investors can now trade major cryptocurrencies like Bitcoin and Ethereum legally.
OSL: Global Pioneer in Licensed Trading
Platform Overview
- First mover: Received SFC licenses for Type 1 (securities trading) and Type 7 (automated trading services) in December 2020.
- Retail approval: Expanded services to retail investors in August 2023.
- Institutional focus: Originally designed for professional investors with minimum HKD $10,000 initial deposits.
Account Opening Process
For Individuals
- Registration: Email OSL to initiate a "Personal Account" request.
KYC Documentation:
- Identity verification (HKID/passport)
- Address proof (utility bill/bank statement ≤3 months old)
- Biometric authentication
- Risk Assessment: Determines eligible trading products.
- Funding Activation: Minimum HKD $10,000 initial deposit required.
For Corporations
- Contact OSL via email for tailored onboarding.
👉 Explore OSL's trading features
Hashkey Exchange: Retail-Focused Platform
Key Milestones
- Licensed: November 2022 (Type 1 & 7).
- Retail launch: August 2023 upgrade enabled public access.
Account Tiers
| Category | Requirements |
|---|---|
| Individual Professional | HKD $8M+ portfolio |
| Corporate Professional | HKD $8M+ portfolio or $40M+ assets |
| Retail Investor | No minimums |
Individual Account Steps
- Registration: Use non-Chinese email (Gmail/ProtonMail preferred).
Enhanced KYC:
- Restricted passports: Russia, North Korea, Iran, etc.
- Address proof + relationship documents if using relative's address.
- Bank Verification: Supported jurisdictions include Hong Kong, UK, Singapore.
Note: US citizens cannot use identity documents or Visa cards.
Victory Securities: Hybrid Brokerage Model
Regulatory Firsts
- Dual license: Received virtual asset trading + advisory licenses in December 2022.
- Retail pioneer: First local broker approved for public VA services (November 2023).
Two-Step Onboarding
Securities Account (Prerequisite)
Documents for HKID holders:
- HKID + local phone number
- Hong Kong bank account
Mainland Chinese applicants:
- Additional: China bank card + HK bank account
VA Account Activation
- Accessible via client portal after securities account approval.
- Non-mainland clients only eligible for VA services.
FAQ Section
1. Can mainland Chinese investors open accounts?
- OSL/Hashkey: Possible with non-Chinese documentation.
- Victory Securities: Mainland IDs accepted for securities accounts only.
2. What's the minimum deposit?
- All platforms require HKD $10,000 (~$1,500 USD) initial funding.
3. How long does verification take?
- Typically 3-5 business days for complete KYC.
4. Are corporate accounts more complex?
Yes. Expect:
- Board resolutions
- Shareholder structure charts
- Notarized documents for overseas entities
Key Takeaways
- Licensing matters: Only three SFC-approved platforms serve retail investors.
- Document preparation: Address proofs and bank details are critical.
- Geographic restrictions: Some nationalities face limitations.
For secure participation in Hong Kong's Web3 ecosystem, choosing licensed platforms ensures compliance and asset protection.