This regulatory analysis will compare the key provisions of the European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) with Hong Kong’s guidelines on virtual asset operators, which were both released within ten days of each other in June 2023. It will delve into the history of both regulatory regimes and compare provisions relating to the licensing of crypto-trading platforms — namely onboarding clients, onboarding assets and safeguarding of funds requirements. This comparison will show that crypto regulations across borders have largely taken similar forms, suggesting a possible consensus of concerns among regulators.