Hong Kong brokers’ crypto trading commissions fall 13.5% in first half of 2026

Hong Kong’s securities industry just had a very good six months. Its crypto desks did not.

Commission income from virtual asset trading at local brokers fell 13.5% in the first half of 2026, according to the latest financial review from the Securities and Futures Commission (SFC). The rest of the industry was busy posting its best numbers in a while.

The numbers behind the slide

The SFC’s review was released between October 8 and 10, 2026. It found that brokers earned HK$99.3 million in virtual asset trading commissions during the first half of 2026.

That compares with HK$114.8 million in the second half of 2025. The gap works out to HK$15.5 million in lost commission revenue across the period.

Meanwhile, the broader picture looked almost celebratory. Net profit for Hong Kong’s securities industry jumped 21% to HK$51.7 billion over the same half-year.

Combined net commission and interest income grew 13%, reaching HK$45.4 billion, up from HK$40.1 billion in the prior period. That bucket covers securities, futures, options, leveraged forex and virtual assets together.

Why a small number still matters

The SFC’s review did not name any specific brokers or firms tied to the virtual asset figures. It also did not break the data down by individual digital asset platform.

The review itself flagged the virtual asset decline as notable precisely because it moved against the trend in every other major business line.

The research accompanying the review connects the findings to ongoing regulatory developments and market dynamics shaping Hong Kong’s virtual asset landscape.

Background: crypto as a sideline, not a headliner

For traditional brokers, virtual asset trading has remained a small piece of the revenue pie. The SFC’s data shows it sitting far below the core businesses of equities, derivatives and margin lending.

The second half of 2025 had set a higher bar, with commissions of HK$114.8 million. The first half of 2026 failed to clear it.

What this means for brokers and investors

The research describes the decline as indicating a potential slowdown in crypto trading activity through Hong Kong brokers, which could weigh on investor confidence and liquidity.

The research also notes that the underwhelming performance of virtual assets could lead to increased volatility and more cautious investment approaches in the crypto sector. Stakeholders are expected to keep assessing how regulatory measures and market conditions evolve.

Commission income at brokers is only one channel through which Hong Kong residents can access crypto. It does, however, capture the slice of activity flowing through traditional, SFC-regulated brokerage relationships.