MAS, SFC, ASIC and Japan FSA licensing research. Introductory coverage: these summaries identify research questions and regulatory sources but are not exhaustive activity-by-activity licensing opinions.
Last editorial review: 17 October 2026 · Introductory profiles
REGULATORY LANDSCAPE
Legal requirements vary by activity, operating entity, customer type and local presence.
Digital Payment Token activities should be assessed against the Payment Services Act, MAS DPT guidance and applicable AML/CFT and consumer safeguards. Research focus: Payment services / DPT activity map.
MAS payments regulation ↗Centralised virtual-asset trading platforms operating in Hong Kong or actively marketing to Hong Kong investors can need SFC licences under relevant SFO and AMLO regimes. Research focus: Trading platform / token characterisation.
SFC VATP overview ↗ASIC describes an incoming licensing regime for digital-asset platforms and tokenised custody platforms commencing in April 2027, alongside existing financial product analysis. Research focus: Licence readiness / implementation dates.
ASIC digital assets update ↗Cryptoasset exchange service providers are subject to registration with the FSA/local finance bureau. Check the official list and asset or activity-specific conditions. Research focus: Exchange provider due diligence.
Japan FSA authorised institution lists ↗BEFORE PLANNING AN APPLICATION
Confirm the legal entity, marketed products, local and cross-border customers, custody model, payments flow and existing permissions. Then identify the regulator and obtain appropriately qualified advice for firm-specific determinations.