Crypto.com will discontinue its consumer app services in Hong Kong from Feb. 1, 2027, while continuing to pursue regulatory approval for its institutional exchange through a separate local entity. The company cited regulatory changes in customer notices, although it has not publicly detailed the specific changes behind the decision. Affected users are being notified and will receive instructions on closing their accounts and withdrawing remaining funds.
The consumer app is operated by Foris DAX MT Limited, while Foris DAX HK Limited is responsible for the company’s application to operate the institutional-grade Crypto.com Exchange in Hong Kong. According to the Securities and Futures Commission’s public register, Foris DAX HK Limited submitted its licence application on Feb. 9, 2024, and as of November 2026 the application has remained pending for approximately two years and nine months. The entity is classified as “deemed-to-be-licensed” under Hong Kong’s transitional arrangements, a status that does not constitute formal regulatory approval.
Hong Kong introduced mandatory licensing for centralised virtual asset trading platforms on June 1, 2023, under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Eligible existing operators had to submit applications by Feb. 29, 2024, and the transitional non-contravention period ended on June 1, 2024. Several major crypto companies later withdrew their applications, including OKX Hong Kong FinTech Company Limited on May 24, 2024, Gate Digital Limited on May 22, 2024, and Flying Hippo Technologies Hong Kong Limited, associated with Matrixport HK, on Oct. 12, 2026. Other pending applicants include WhaleFin, HighBlock Limited, Nebulas Hong Kong Limited and Spark Fintech Limited, while formally licensed platforms include OSL Digital Securities, Hash Blockchain Limited, Victory Fintech Company Limited and NewBX Limited.
Separately, Hong Kong has announced plans for a gold-backed token representing a standard 400-ounce gold bullion bar for interbank transactions. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu outlined the project during Hong Kong FinTech Week on Nov. 2, 2026. The token will use the city’s HAU gold price reference and builds on the Hong Kong Monetary Authority’s Project Ensemble, which is testing digital assets and tokenized bank deposits. Officials have not identified the token’s issuer, custodian, blockchain or launch date, and retail access has not been confirmed. Andrew Fei, a partner at law firm King & Wood, told the South China Morning Post that tokenized gold could connect Hong Kong’s digital-asset and gold-trading priorities, with Project Ensemble potentially moving tokenized gold into commercial use.
A separate completed transaction under Project Ensemble involved Ant Digital Technologies’ Anvita TaaS platform, Zhaojin Mining as the gold issuer, and China Construction Bank (Asia) handling custody and payments. The Bank of East Asia and Jetco participated as receiving institutions, using HAU as the reference price and tokenized bank deposits for payment. The transaction used Ant Digital’s Jovay Layer 2 blockchain technology. The HKMA also announced an upgrade enabling participating banks to settle tokenized deposit transactions around the clock using tokenized central bank money. The EnsembleTX pilot now includes 12 banks and 20 industry participants.
Hong Kong is also expanding broader digital gold infrastructure. The government expects to launch its central clearing system for over-the-counter gold transactions in the first quarter of 2027, while Standard Chartered has launched tokenized bank deposits for corporate customers. The London Metal Exchange is exploring tokenization of warehouse metals, and Hong Kong Exchanges and Clearing is preparing a warehouse-receipt financing pilot for 2027. Existing retail gold tokens such as Paxos Gold (PAXG) and Tether Gold (XAUT) represent one fine troy ounce of gold, while Hong Kong’s proposed 400-ounce token is currently aimed at institutional settlement between banks and has not been confirmed for retail investors.
