Hong Kong Compliant Virtual Asset Trading Account Opening Guide: Victory Securities, Hashkey, OSL
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Hong Kong Compliant Virtual Asset Trading Account Opening Guide: Victory Securities, Hashkey, OSL
Summarizes three Hong Kong-compliant virtual asset retail platforms, helping investors more easily participate in Hong Kong's Web3 initiatives.
Navigating Web3 tides with focused insightsBy Bo Wen, Bailu Living Room
Virtual assets remain one of the most promising markets globally. With regulatory policies being implemented and an increasing number of compliant projects emerging, the demand for individuals and enterprises to open accounts with compliant institutions in Hong Kong for virtual asset trading is growing rapidly.
In this article, Bailu Living Room compiles the account opening procedures for the only three currently available Hong Kong-compliant virtual asset retail platforms: OSL, Hashkey, and Victory Securities, helping investors participate more conveniently in Hong Kong's Web3 ecosystem.
OSL
On December 15, 2020, OSL became the first company to obtain a license from the Securities and Futures Commission of Hong Kong (SFC), authorizing it to conduct Type 1 (Securities Trading) and Type 7 (Automated Trading Services) regulated activities. It officially became the world’s first SFC-licensed, publicly listed digital asset exchange with insured digital wallets and audited by one of the Big Four accounting firms, dedicated to serving institutional and professional investors.
On August 3, 2023, OSL announced that it had received approval from the SFC to upgrade its existing license, allowing it to extend Bitcoin and Ethereum digital asset trading services to retail investors.
In terms of account opening processes, OSL offers two types: individual and corporate accounts. For corporate accounts, users must contact staff via email to be guided through the application process.
OSL Individual Account Opening Process:
(i) Open a basic cryptocurrency account via email, selecting either "Individual User" or "Corporate User";
(ii) Complete OSL trading KYC verification;
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Identity verification includes: Personal information, identity documents (ID card, passport), proof of address*, biometric verification, financial information, asset proof, and agreement signing;
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Required identity documents include: ID card or passport;
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Required proof of address includes: Bank statement / credit card statement / water bill / electricity bill / gas bill issued within the last three months;
(iii) Complete the "Risk Preference Assessment," which determines your eligible trading features; if the assessment score is too low, certain trading portfolios may be restricted;
(iv) After completing the above steps, OSL will review your application, and results are typically notified within one week;
(v) After completing the account opening process, the OSL account must be activated with an initial deposit; according to Hong Kong cryptocurrency licensing regulations, the first single deposit must be no less than HK$10,000 or USD$1,500.
Hashkey Exchange
On November 10, 2022, Hash Blockchain Limited, a subsidiary of Hashkey Group, obtained a license from the Securities and Futures Commission of Hong Kong (SFC), authorizing it to conduct Type 1 (Securities Trading) and Type 7 (Automated Trading Services) regulated activities. Subsequently, the compliant exchange Hashkey Exchange was launched.
On August 3, 2023, HashKey Exchange officially announced the upgrade of its Type 1 and Type 7 licenses, becoming one of the first licensed trading platforms in Hong Kong permitted to serve retail clients.
Currently, Hashkey Exchange offers services broadly categorized as follows:
(i) Individual Professional Investors: Individuals, jointly held accounts, or investment companies fully owned by an individual, whose total investment portfolio on the relevant date is not less than HK$8 million or equivalent foreign currency;
(ii) Corporate Professional Investors: Corporations or partnerships whose total investment portfolio on the relevant date is not less than HK$8 million or equivalent foreign currency, or whose total assets are not less than HK$40 million or equivalent foreign currency;
(iii) Institutional Professional Investors: Entities meeting the definition of "professional investor" under the Securities and Futures Ordinance, such as banks, brokerage firms, insurance companies, or other regulated intermediaries;
(iv) Retail Clients or Retail Investors: Any person who does not qualify as a professional investor.
Hashkey Exchange Individual Account Opening Process:
(i) Enter phone number or email address and input verification code to complete account registration;
Email addresses not accepted include: qq.com, 163.com, 126.com, sohu.com, sina.com, etc.; phone numbers cannot originate from mainland China, the United States, Malaysia, American Samoa, Bangladesh, Algeria, Egypt, Guam, Morocco, Puerto Rico, or the Northern Mariana Islands;
(ii) Follow the prompts to complete KYC verification. During KYC, you must select an account type, which cannot be changed afterward;
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Identity verification includes: Personal information, document and biometric verification, financial information, asset proof, and agreement signing;
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Passports from the following regions are not accepted: Russia, Afghanistan, Angola, Burundi, Belarus, Democratic Republic of the Congo, Central African Republic, Ivory Coast, Cuba, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Haiti, Iraq, Iran, North Korea, Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, Rwanda, Sudan, Sierra Leone, Somalia, Syria, Ukraine, Venezuela, Yemen, South Africa, Zimbabwe, South Sudan;
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Required proof of address includes: Bank statements / credit card bills / water / electricity / gas bills issued within the last three months; if using a relative's address, additional documentation proving the relationship is required.
(iii) Complete facial recognition authentication;
(iv) Complete the "Investment Questionnaire";
(v) Complete bank transfer verification. When making a bank transfer, upload two pieces of information: a bank card under the same name as the account, and proof of the incoming funds transfer;
According to Hong Kong cryptocurrency licensing regulations, the first single deposit must be no less than HK$10,000 or USD$1,500;
Regions accepted for deposits by HashKey: Hong Kong, Australia, Austria, Belgium, Canada, Ireland, Israel, Italy, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States (but U.S. identity documents are not supported, nor Visa card transfers).
For corporate and institutional investors, after selecting the corresponding identity category, staff will send relevant documents via email and guide the applicant through the account opening process.
Victory Securities
On December 9, 2022, Victory Securities obtained Hong Kong Virtual Asset Type 1 and Type 4 licenses, becoming the first financial group in Hong Kong to receive both virtual asset trading and advisory licenses simultaneously from the SFC.
On November 24, 2023, Victory Securities received approval from the SFC to become the first locally licensed brokerage firm in Hong Kong allowed to provide virtual asset trading and advisory services to retail investors after the release of new regulations.
According to the guidance on Victory Securities' official website, investors must first complete the application for a Victory Securities securities account; after successful account opening, non-mainland Chinese clients can proceed with subsequent steps to set up their virtual asset "VA" account.
For individual accounts, eligible clients who can open a securities account with Victory Securities fall into two categories: clients holding a Hong Kong ID card and clients holding a mainland Chinese ID card.
Documents required for clients holding a Hong Kong ID card include: (i) Hong Kong ID card; (ii) Hong Kong phone number; (iii) Hong Kong bank account number for future deposits; (iv) proof of address issued within the last three months, such as bank statements, utility bills, etc.; (v) email address for receiving notifications and documents from Victory Securities.
Documents required for clients holding a mainland Chinese ID card include: (i) Mainland Chinese second-generation ID card; (ii) Mainland Chinese phone number; (iii) matching-name debit card from a mainland Chinese bank for verification purposes; (iv) Hong Kong bank account for future deposits; (v) proof of address issued within the last three months, such as bank statements, utility bills, etc.; (vi) email address for receiving notifications and documents from Victory Securities.
After preparing the required documents, individual clients can visit the "Customer Service" – "FAQs" section on Victory Securities’ official website, where detailed illustrated instructions are provided. Follow the requirements to complete the securities account opening.
For corporate accounts, the current process distinguishes between Hong Kong-based companies and overseas companies.
Documents required for Hong Kong companies include: (i) Copy of board resolution; (ii) Copies of ID cards/passports and recent three-month address proofs for all directors, authorized traders, authorized signatories, and ultimate beneficial owners holding 10% or more equity/shares; (iii) Certificate of Incorporation, CI, and any subsequent company name change certificates; (iv) Articles of Association or rules; (v) Company address proof; (vi) Company bank account; (vii) Most recent annual return, all subsequent notices of appointment/resignation of secretaries and directors, and share allotment returns and/or transfer instruments detailing current shareholder information; (viii) Valid Business Registration Certificate (BR); (ix) Corporate ownership structure chart.
Documents required for overseas companies include: (i) Copy of board resolution; (ii) Copies of ID cards/passports and recent three-month address proofs for all directors, authorized traders, authorized signatories, and ultimate beneficial owners holding 10% or more equity/shares; (iii) Certificate of Incorporation, CI, and any subsequent company name change certificates; (iv) Articles of Association or rules; (v) Company address proof; (vi) Company bank account; (vii) Director register; (viii) Shareholder register; (ix) Certificate of incumbency issued within the last six months; (x) Corporate ownership structure chart.
For both Hong Kong and overseas companies, document copies must be certified and signed by SFC-recognized professionals, such as practicing lawyers, certified public accountants, or notaries, along with a copy of their professional license.
After document preparation, four related forms must be completed. Form-filling guidelines can be found on Victory Securities’ official website under “Customer Service” – “FAQs” – “Account Opening Guide” – “How to Open a Corporate Account”.
After completing the forms, corporate account opening can proceed via two methods:
(i) By mail: After completing certification and witnessing of signatures on required forms and documents, they can be mailed to Victory Securities’ Hong Kong office. If documents are complete, review takes approximately 2–3 days, and the account will be activated upon approval.
(ii) In person: The director or authorized signatory listed in the meeting minutes must bring original documents or certified copies to Victory Securities’ Hong Kong office to complete form filling and signing. If documents are complete, review takes approximately 2–3 days, and the account will be activated upon approval.
Regardless of whether it's an individual or corporate account, after successfully opening a securities account, go to Victory Securities’ official website “Customer Service” – “FAQs” – “Account Opening Guide” – “How to Create a Virtual Asset VA Account” – “Log in to Client Portal”, fill out four related forms, and complete the setup of the virtual asset VA account.
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