Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right route - an SFC-licensed platform in Hong Kong for the Chinese-speaking market - and leads it to a compliant launch, including banking and payment rails.
Get a crypto license in China.
Mainland China bans crypto outright - and we say so plainly. Since 2021 all crypto trading, exchange services and mining have been illegal, and the ban was reaffirmed in 2025. There is no mainland route to license. The compliant gateway to Chinese-speaking and Asian markets is Hong Kong, a separate jurisdiction with a proper SFC licensing regime - and that is what we build.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
China in brief
Mainland: banned. Hong Kong: a real licence.
Mainland China is closed to crypto, and no one can sell you a licence there. On 24 September 2021 the People's Bank of China and ten agencies declared all cryptocurrency-related business illegal - trading, exchange services, token issuance and acting as a counterparty - and explicitly extended that to offshore exchanges serving Chinese residents. Mining was banned in the same period. In November 2025 the PBOC reaffirmed the position and made clear that stablecoins are covered by the prohibition too. This is a comprehensive ban, not a grey area, and it applies on the mainland regardless of how a service is dressed up. There is no mainland crypto licence to obtain.
Hong Kong is the honest answer, and it is a genuinely separate legal system. Under the «one country, two systems» arrangement, Hong Kong runs its own financial regulation, and since June 2023 every virtual-asset trading platform serving Hong Kong investors must hold a licence from the Securities and Futures Commission (SFC). In August 2025 Hong Kong added a stablecoin regime under the Monetary Authority. For a business that wants to reach Chinese-speaking and wider Asian markets lawfully, the route is an SFC-licensed platform in Hong Kong - supported, where the model calls for it, by hubs like Singapore or the UAE. We are factual about the mainland and build the Hong Kong structure properly.
Mainland China bans crypto outright - honestly. Since 2021 all trading, exchange and mining is illegal, reaffirmed in 2025, stablecoins included. There is no mainland route.
The compliant gateway is Hong Kong - a separate system with a real SFC platform licence. That reaches Chinese-speaking and Asian markets lawfully, and it is what we build.
The honest picture
The Hong Kong SFC route - the compliant Asian gateway.
Two things to get right: the SFC licence a virtual-asset platform in Hong Kong actually runs on, and the honest recognition that the mainland is closed. Where the model needs it, a Singapore or UAE hub pairs alongside.
The SFC licence is the route; the mainland is closed. A Singapore or UAE hub pairs where the model needs it.
01 - HONG KONG SFC LICENCE · THE ROUTE
VATP licence under the SFC
The working structure: a Hong Kong platform licensed by the Securities and Futures Commission, with the custody, AML and conduct standards the regime demands. A real licence in a separate jurisdiction - not a mainland workaround.
The working structure: a Hong Kong platform licensed by the Securities and Futures Commission, with the custody, AML and conduct standards the regime demands. A real licence in a separate jurisdiction - not a mainland workaround.
- ✓SFC licence for a virtual-asset trading platform
- ✓Custody, AML/CFT and conduct to SFC standards
- ✓Hong Kong - a separate legal system
- ✓Access to Chinese-speaking and Asian markets
- ✓Stablecoin regime under the HKMA since 2025
- ✓16.5% Hong Kong profits tax
02 - THE MAINLAND REALITY
Mainland - banned since 2021Why there is no mainland route
The mainland ban is comprehensive and was reaffirmed in 2025, stablecoins included. We say so plainly, and structure the compliant Asian gateway in Hong Kong rather than pretend a mainland licence exists.
Mainland business illegal since 2021, reaffirmed in 2025 - stablecoins included. Hong Kong is the lawful, separate route.
- ✓Mainland crypto business illegal since 2021
- ✓Trading, exchange and mining all prohibited
- ✓Offshore service to residents also caught
- ✓Ban reaffirmed in 2025, stablecoins included
- ✓No mainland licence exists to obtain
- ✓Hong Kong is the lawful, separate route
Costs and timelines are confirmed for your case before any work begins. Mainland China is banned; Hong Kong is a separate jurisdiction with a real SFC regime. We are candid about both, and build the Hong Kong structure.
Why Hong Kong
A separate system, a real gateway.
The mainland is closed - but Hong Kong runs its own enforced regime and remains the bridge to Chinese-speaking and Asian markets, if the structure is built honestly.
✓
A separate legal system
Under «one country, two systems», Hong Kong regulates its own markets. Its SFC virtual-asset regime is real and enforced - a licence there is genuine, not a mainland workaround.Hong Kong regulates its own markets.
✓
The Asian gateway
Hong Kong is the established bridge to Chinese-speaking and wider Asian capital and users. For a lawful reach into the region, it is the natural base.The bridge to Chinese-speaking markets.
✓
A defined SFC licence
The SFC platform regime sets clear custody, AML and conduct standards. Meeting them makes a business bankable and credible - the substance is the product.Clear custody, AML and conduct standards.
✓
A stablecoin regime too
Since August 2025 Hong Kong licenses stablecoin issuers under the Monetary Authority - one of Asia's more complete frameworks, and still developing.Licensed under the HKMA since 2025.
✓
Deep capital and talent
Hong Kong is a top-tier financial centre with the banking, legal and engineering depth a virtual-asset platform needs close at hand.A top-tier financial centre.
✓
Honesty about the mainland
We do not sell mainland licences that cannot exist. The value is a clean Hong Kong structure - and a frank account of what the mainland ban means for your model.No licences that cannot exist.
How it compares
How China differs from other routes.
Mainland China bans crypto outright, while Hong Kong runs a real SFC regime - the honest comparison is below.
China vs other jurisdictions
| Feature |  Mainland China | Other jurisdictions |
|---|---|---|
| Mainland licence | Banned since 2021 | Licensing regimes |
| Scope of ban | Trading, exchange, mining | Supervised VASPs |
| Route | Hong Kong (separate system) | Onshore licence |
| Stablecoins | Prohibited on the mainland | Often regulated |
Mainland licence
Mainland ChinaBanned since 2021
Other jurisdictionsLicensing regimes
Scope of ban
Mainland ChinaTrading, exchange, mining
Other jurisdictionsSupervised VASPs
Route
Mainland ChinaHong Kong (separate system)
Other jurisdictionsOnshore licence
Stablecoins
Mainland ChinaProhibited on the mainland
Other jurisdictionsOften regulated
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Mainland China | Banned - no licence | N/A - prohibited | Crypto business illegal since 2021 |
 Hong Kong | SFC VATP licence | 16.5% profits tax | Custody-heavy, separate system |
 Singapore | DPT licence under the PSA (MAS) | 17% corporate | Demanding, custody-heavy |
 UAE (Dubai) | VARA VASP by activity | 9% CIT · 0% personal | Substance-heavy, 3-9 months |
Mainland ChinaLicense typeBanned - no licence
TaxationN/A - prohibited
RequirementsCrypto business illegal since 2021
Hong KongLicense typeSFC VATP licence
Taxation16.5% profits tax
RequirementsCustody-heavy, separate system
SingaporeLicense typeDPT licence under the PSA (MAS)
Taxation17% corporate
RequirementsDemanding, custody-heavy
UAE (Dubai)License typeVARA VASP by activity
Taxation9% CIT · 0% personal
RequirementsSubstance-heavy, 3-9 months
Doing it properly
What the compliant structure contains.What the compliant structure contains.
The mainland is closed, so the licence is a Hong Kong one - and the SFC regime is demanding. The checklist below is what we build.
01
Hong Kong company - the licensed vehicle that holds the SFC permission.
02
SFC VATP licence - for operating a virtual-asset trading platform, scoped to the activity.
03
Custody arrangements - the cold-storage, insurance and asset-segregation standards the SFC requires.
04
AML/CFT programme - KYC, monitoring and reporting to Hong Kong and FATF standards.
05
Responsible officers - fit-and-proper individuals licensed to run the regulated activity.
06
Financial resources - the capital and liquidity the regime demands, evidenced.
07
Banking file - Hong Kong accounts arranged on full disclosure, matched to the flows.
08
Governance - ownership disclosed to UBOs, with a board the SFC accepts.
09
Conduct and disclosure - client-facing terms and risk disclosures to SFC conduct standards.
10
Mainland boundary - a clear, documented line so no service is offered into the mainland.
01
Hong Kong company for the licence.
02
SFC VATP licence, scoped to activity.
03
Custody, segregation and insurance.
04
AML/CFT to HK and FATF standards.
05
Responsible officers, fit and proper.
06
Financial resources, evidenced.
07
Hong Kong banking on disclosure.
08
Ownership disclosed to UBOs.
09
Conduct and risk disclosures.
10
A documented mainland boundary.
Reflects the Hong Kong SFC virtual-asset regime and the mainland prohibition as of 2026. Mainland China licenses no crypto activity - in writing, not in small print. The licence is a Hong Kong one.Hong Kong SFC regime + mainland ban, as of 2026. No mainland licence exists.
How it works
From first call to a compliant structure.
01
Strategy and honesty
The real mainland status, why Hong Kong is the route, and the reach you actually need - fixed in writing before anything is set up.Mainland status, why Hong Kong - in writing.
02
The Hong Kong company
Incorporation and the corporate layer the SFC licence sits on - built for custody and the conduct regime.The corporate layer for the licence.
03
SFC licensing
The VATP application, custody arrangements, responsible officers and AML programme - assembled to SFC standards.VATP file, custody, officers, AML.
04
Banking and systems
Hong Kong accounts arranged on disclosure; the platform wired to the custody and conduct rules.Accounts on disclosure; platform wired.
05
Launch and boundary
The business live and compliant - with a documented line that keeps it out of the mainland.Live - and out of the mainland.
Quick facts
Mainland licenceBanned
Since2021 - reaffirmed 2025
AuthorityPBOC + agencies
ScopeTrading, exchange, mining
Mainland routeNone
Compliant gatewayHong Kong (SFC)
HK profits tax16.5%
Stablecoins (HK)Licensed since 2025
The mainland ban is comprehensive and was reaffirmed in 2025, stablecoins included. The honest route is a real SFC licence in Hong Kong, a separate jurisdiction - not a mainland workaround.
On the ground in China
Run from our Dubai office, with Hong Kong counsel.
Prifinance - China desk
Beijing · China
Beijing, China
01
Status and honest counsel
A plain read on the mainland ban - what it covers, why offshore service to residents is caught, and what it means for your model.What the mainland ban covers.
02
The Hong Kong SFC route
A licensed virtual-asset platform in a separate jurisdiction - the custody, AML and conduct file assembled to SFC standards.A real licence, separate system.
03
Banking and substance
Hong Kong accounts on full disclosure and the office, officers and governance the regime expects - the substance that makes it real.Real, disclosed, bankable.
04
Asia hub pairing
Where the model calls for it, a Singapore or UAE base paired with the Hong Kong platform - and the mainland boundary kept clean.Singapore or UAE where it fits.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in China.
There is no crypto tax on the mainland because crypto business is banned. The tax that matters is Hong Kong's - a separate system with one of Asia's simpler regimes, where the licensed platform actually sits.
Mainland: banned, not taxed
Crypto business is illegal on the mainland, so there is no licensable activity to tax. The mainland corporate rate of 25% is irrelevant to a crypto model, because the model cannot operate there.No licensable activity to tax.
Hong Kong: 16.5% profits tax
Hong Kong taxes profits at 16.5%, with a two-tier rate of 8.25% on the first HK$2 million for qualifying companies. This is the rate that applies to the licensed platform.8.25% on the first HK$2m.
Territorial in Hong Kong
Hong Kong taxes profits arising in or derived from Hong Kong - offshore-sourced profits can fall outside the net, subject to analysis. We document the source position properly.Offshore-sourced profits may fall out.
No capital-gains tax in HK
Hong Kong does not tax capital gains - relevant to how a platform and its principals structure holdings, planned with the source rules in view.Capital gains untaxed.
Stablecoin regime costs
The HKMA stablecoin licence carries its own capital and reserve obligations rather than a special tax - built into the model where issuance is in scope.Capital and reserve rules, not a tax.
Where the tax really sits
For a China-facing model the meaningful tax analysis is Hong Kong's, not the mainland's - we model it, and keep the mainland boundary clean.Hong Kong's, not the mainland's.
Tax summary
Mainland crypto taxN/A - banned
Hong Kong profits tax16.5%
HK two-tier rate8.25% first HK$2m
HK capital-gains taxNone
Mainland corporate rate25% (n/a to crypto)
CurrencyCNY · HKD
*As of 2026. Mainland crypto business is banned - the operating tax analysis is Hong Kong's, and we document the source position.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: the Hong Kong company, SFC licence file, custody and AML/KYC policy pack, and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a clean, compliant business.
Follow Prifinance
Active across our channels.
China · mainland banned
Launch your crypto project for China with expert support.
Full-service assistance - an SFC-licensed platform in Hong Kong, the compliant gateway to Chinese-speaking and Asian markets.
Get a consultation →Free legal opinion
Is Hong Kong the right base for your China-facing project?
Our legal team will analyze your case at no cost and provide a written legal opinion: the Hong Kong SFC route, a paired Asian hub, or another structure entirely.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The China crypto route, answered honestly.
Can I get a crypto licence in mainland China?+
No - mainland China bans crypto business. Since 2021 all trading, exchange services and mining have been illegal, and the ban was reaffirmed in 2025 with stablecoins explicitly included. There is no mainland licence, and anyone offering one is describing something that cannot exist.
Does the ban really cover offshore services?+
Yes. The 2021 notice extended the prohibition to offshore exchanges serving Chinese residents, treating that as illegal financial activity. The mainland boundary is something we document carefully, not something to test.
So what is the compliant route?+
Hong Kong. It is a separate legal system under «one country, two systems», and since June 2023 virtual-asset platforms serving Hong Kong investors must hold an SFC licence. That is the lawful gateway to Chinese-speaking and Asian markets.
Is Hong Kong really separate from the mainland?+
For financial regulation, yes - Hong Kong runs its own regime with its own regulators. The SFC virtual-asset licence is genuine and enforced, and it does not carry the mainland prohibition.
What does the SFC licence involve?+
Operating a virtual-asset trading platform under SFC standards - custody, asset segregation, AML/CFT, responsible officers and financial-resources requirements. It is demanding and custody-heavy, which is what makes it credible.
Can the Hong Kong platform serve mainland users?+
No - it must not offer services into the mainland, and we build a documented boundary to keep it clean. The reach is Hong Kong and international markets, within each jurisdiction's rules.
How is it taxed?+
Hong Kong taxes profits at 16.5%, with 8.25% on the first HK$2 million for qualifying companies, and no capital-gains tax. The mainland rate is irrelevant because the model cannot operate there.
What about stablecoins?+
Hong Kong introduced a stablecoin regime under its Monetary Authority in August 2025, with licensing and reserve rules. On the mainland, stablecoins are covered by the ban. We build to the Hong Kong regime where issuance is in scope.
Should I pair Hong Kong with another hub?+
Often, yes. Depending on the model, a Singapore or UAE base complements the Hong Kong platform - we are candid about when that helps and structure it cleanly, boundary intact.
Why China with you?+
Because we are honest about the mainland ban and build the real Hong Kong structure that reaches the market lawfully - to the standard banks and the SFC read as credible, not a workaround that unravels.
Mainland licence?+
No - crypto business banned since 2021.
Offshore service caught?+
Yes - serving residents is illegal too.
The route?+
Hong Kong - a real SFC platform licence.
Is HK separate?+
For financial regulation, yes.
The SFC licence?+
Custody-heavy platform regime, enforced.
Serve mainland users?+
No - a documented boundary keeps it clean.
Taxed how?+
HK 16.5%, no CGT; mainland rate n/a.
Stablecoins?+
Licensed in HK since 2025; banned on mainland.
Pair another hub?+
Often Singapore or UAE - candidly.
Why with us?+
Honest on the ban; we build the HK structure.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Hong Kong structure.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: the Hong Kong SFC route, a paired Asian hub, or another structure.Free legal opinion: the Hong Kong SFC route for your China-facing model, and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear, honest read on the right route - not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the People's Bank of China, the Hong Kong SFC or any other public authority. Licences are granted by, and obtained directly from, the competent authorities.