Hong Kong’s Securities and Futures Commission (SFC) has agreed to industry demands to overhaul the Certified Virtual Asset Platform (CVAP) practitioner examination, in a move designed to widen the pipeline of licensed professionals and reduce compliance burdens. The SFC will separate the CVAP exam from mandatory coursework, lower exam fees to match existing licensing Paper 2 and Paper 3 rates, and release official revision materials, the Hong Kong Securities and Futures Professionals Association confirmed after meeting SFC officials on July 6.
The commitments emerged from talks between the association and Deputy Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, and SFC Intermediaries Division Executive Director, Ye Chi-heng. The CVAP program—administered by the Hong Kong Securities and Investment Institute—serves as the benchmark professional qualification for the digital asset sector, covering blockchain fundamentals, digital asset products, and anti-money-laundering compliance.
The association highlighted that the removal of a previous 10% minimum exemption for virtual asset management, combined with the immediate implementation of new rules without a transition period, has created significant uncertainty for firms. Many provisions remain principle-based and lack practical operational guidance, making compliance and business planning difficult. The SFC did not directly address whether the CVAP exam framework had received formal board approval, but stated it is conducted under powers granted by the Securities and Futures Ordinance to improve professional standards.
Retail investors in Hong Kong are currently limited to buying five spot cryptocurrencies—Bitcoin, Ether, Avalanche, Chainlink, and Solana—with no regulated hedging products available. The association urged regulators to accelerate approval of virtual asset derivatives. The SFC acknowledged that growing demand for virtual asset licenses has strained staffing, contributing to approval timeline uncertainty, and the association recommended clearer processing schedules and milestone-based guidance.
These concessions signal a deliberate easing of entry requirements as Hong Kong expands its regulatory reach. In May, authorities confirmed plans to introduce licensing regimes for virtual asset advisory and management service providers, extending oversight beyond trading platforms, custody services, and stablecoin issuers. The first licensed stablecoins are expected between mid- and late 2026. Industry representatives also pressed for clearer rules on self-custody for private funds, regulatory boundaries for technology service providers, and virtual asset payments. Broader legislation covering trading, custody, advisory, and management services will roll out alongside the stablecoin framework through the second half of 2026.
