If your business involves holding or managing your client's assets, such as cryptocurrency or other digital assets, you may need a TCSP license and/or set up a Trust Company depending on your specific business activities.
At KTC, we provide professional guidance to help you navigate the complexities of licensing requirements in Hong Kong, ensuring compliance and facilitating the achievement of your strategic objectives. ​
Trust Services
For crypto businesses that
stores or holds client assets
You will probably need a TCSP License if your business does any of the following:
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acts as a wallet provider digital assets (e.g., BTC, ETH) ("Tokens")
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provides storage services for Tokens
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provides asset management services for your clients' Tokens
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provides escrow services involving Tokens
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in any event, receives or deals with your clients' assets for their benefit
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Fines
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HK$100,000 per offence.​​
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​Imprisonment
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Directors (and ultimate owners) may face up to 6 months of imprisonment
Operating a trust service business in HK without a TCSP license is a criminal offence
​Penalties include:​
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For businesses that
manage or invest with client assets
You will probably need to set up a Trust Company if your business involves any of the following activities:
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providing custody or escrow services for your client's assets
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managing a portfolio consisting of your clients' assets and making investments on their behalf
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offering sophisticated financial services, including "shorting" or margin financing for crypto tokens
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tokenizing / wrapping your clients' assets in exchange for crypto tokens
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using the word "trust" in your company's name
If your business carries out any of the above activities, your clients' assets may be vulnerable to potential legal claims.
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If you are unsure what licenses you need for your business, please leave your details here and our specialists will get in touch with you shortly.