Hong Kong's Crypto Ambitions Take Flight as AMINA Secures Landmark License

Hong Kong's regulatory environment for cryptocurrency is evolving rapidly, with Swiss crypto bank AMINA Bank AG securing a critical license to expand its institutional services in the region. The Securities and Futures Commission (SFC) granted AMINA a "Type 1 license uplift", allowing the bank to offer crypto trading and custody services to institutional clients in Hong Kong. This marks the first time an international bank has received such approval in the city, a market where crypto trading volumes surged 233% in the first half of 2025.

AMINA's license covers 13 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), USDC, Tether (USDT), and major decentralized finance tokens. The move addresses a gap in Hong Kong's institutional crypto market, where high regulatory standards have previously limited access to bank-grade services. Michael Benz, head of AMINA for Hong Kong, emphasized the license's role in enabling the bank to expand into private fund management, structured products, derivatives, and tokenized real-world assets.

The approval aligns with Hong Kong's broader strategy to position itself as a global crypto hub. In August, the city rolled out long-awaited stablecoin rules, prompting traditional banks like HSBC and ICBC to explore licensing opportunities. Hong Kong's SFC also approved its first Solana exchange-traded fund in late October, outpacing U.S. regulators. These steps reflect the city's cautious yet proactive approach to crypto, balancing innovation with risk mitigation.

AMINA's entry into the institutional space comes as trading volumes on Hong Kong exchanges hit record levels. The bank reported a 233% year-on-year increase in H1 2025, driven by growing adoption among both retail and institutional traders. This growth is supported by Hong Kong's regulatory clarity and infrastructure, which include tightened self-custody rules in August aimed at reducing cybersecurity risks.

The license also underscores the competitive landscape for crypto services in the region. While AMINA is the first international bank to secure a Type 1 license, local players such as Tiger Brokers and HashKey already operate in the market. The SFC's approval could incentivize other foreign firms to pursue Hong Kong's regulatory framework, which balances innovation with compliance.

Hong Kong's push to attract crypto firms has been bolstered by strategic updates to its regulatory architecture. In addition to stablecoin rules, the city's August measures included enhanced oversight of crypto custody and transaction reporting. These changes aim to build institutional confidence while maintaining alignment with global standards.

For AMINA, the license represents a strategic expansion into Asia's most crypto-friendly jurisdiction. The bank's services now include custody solutions, which are critical for institutional investors navigating Hong Kong's stringent compliance requirements. Benz highlighted the potential for structured products and tokenized assets, signaling a broader diversification of offerings beyond spot trading.

The development also highlights Hong Kong's role in global crypto policy. As U.S. regulators grapple with fragmented approaches, Hong Kong's centralized, SFC-led model has emerged as an alternative for international firms seeking regulatory clarity. This is particularly relevant as Beijing and Washington work to de-escalate tensions, with Hong Kong's autonomy and economic policies remaining a focal point.