The SFC agreed to separate the CVAP exam from mandatory courses and cut fees after industry talks. Firms still face unresolved operational issues.
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Hong Kong's Securities and Futures Commission agreed to separate the Certified Virtual Asset Platform practitioner exam from its mandatory training course. The regulator also plans to lower exam fees and provide official study materials. The commitments came after the Hong Kong Securities and Futures Professionals Association met with SFC officials and Deputy Secretary Joseph Chan Ho-lim.
The association said the SFC will allow candidates to sit the CVAP exam without first completing the associated course. Fees will match those for existing Paper 2 and Paper 3 licensing exams. The regulator also promised to release official revision materials.
The CVAP program is Hong Kong's benchmark qualification for digital asset professionals. It covers blockchain fundamentals, digital asset products, and anti-money laundering compliance. The exam is administered by the Hong Kong Securities and Investment Institute under SFC standards.
The association also raised concerns about recently introduced virtual asset rules. The removal of the previous 10% minimum exemption for virtual asset management and the immediate implementation of new rules without a transition period have created uncertainty for firms, the association said.
Many new provisions remain principle-based and lack practical operational guidance, the association added. That makes compliance and business planning harder for institutions involved in virtual asset activities.
The association also questioned the governance process behind the CVAP examination. It asked whether the examination framework had received formal approval from the SFC's board. The SFC did not directly answer but said the examination is conducted under powers granted by the Securities and Futures Ordinance to improve professional standards. It encouraged existing license holders to take the exam as soon as possible.
Beyond the examination, the association said it will continue discussions with the Financial Services and the Treasury Bureau and the SFC on unresolved operational issues. These include guidance for private funds seeking self-custody arrangements and the regulatory boundary between technology service providers and licensed activities.
The association also urged regulators to ease some operational requirements for licensed virtual asset trading platforms while maintaining security standards. Its proposals included allowing more hardware encryption options, reviewing hot and cold wallet ratio requirements, reassessing insurance coverage rules, and improving procedures for on-chain transfers.
It further called for clearer guidance distinguishing technology service providers from regulated financial activities. Businesses that do not handle customer assets or collect commissions should not automatically face licensing obligations without detailed classification rules, the association argued.
According to the association, the SFC acknowledged that growing demand for virtual asset licences has been accompanied by staffing challenges, contributing to uncertainty over approval timelines. The group recommended that the regulator publish clearer processing schedules and milestone-based guidance to help applicants plan staffing and capital requirements.
The association also asked regulators to accelerate approval of virtual asset derivatives. Hong Kong retail investors are currently limited to buying five spot cryptocurrencies: Bitcoin, Ether, Avalanche, Chainlink and Solana. They do not have access to regulated hedging products.
The latest discussions come as Hong Kong continues expanding its virtual asset regulatory framework. In May, the Financial Services and the Treasury Bureau and the SFC confirmed plans to introduce licensing regimes for virtual asset advisory and management service providers. That extends oversight beyond trading platforms and stablecoin issuers.
More recently, the government said legislation covering virtual asset trading, custody, advisory and management services will continue to be rolled out alongside the city's regulated stablecoin framework. The first licensed stablecoins are expected to enter circulation between the middle and the second half of 2026.
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