Breaking: China Merchants Bank’s Brokerage Arm Becomes First Mainland Firm to Launch Crypto Services in Hong Kong
Hong Kong's crypto scene just got a heavyweight player—straight from the mainland.
China Merchants Bank's brokerage division has smashed through regulatory barriers, becoming the first mainland-backed firm to offer cryptocurrency services in Hong Kong. No more watching from the sidelines while global rivals grab market share.
Why this matters:
- Mainland capital meets Hong Kong's crypto-friendly framework
- A potential floodgate opener for other Chinese financial giants
- The 'decoupling' narrative takes another hit as cross-border finance evolves
Of course, the move comes with perfect timing—just as traditional banks scramble to pretend they've always loved blockchain. Expect polished PowerPoints about 'digital asset strategies' from legacy players who mocked crypto two years ago.
One thing's certain: When mainland institutions start moving, they don't do half-measures. Watch this space.
“Striving to Build Hong Kong into Premier Global Hub”
There are several key factors that have merged to contribute to Hong Kong’s growing presence as a digital asset hub on the global stage.
One is certainly the increasing adoption of these assets by traditional financial (TradFi) institutions. Additionally, the crypto sector is becoming mainstream and has been merging with the related tech and TradFi industries.
Moreover, over the past few years, Hong Kong has been actively working on advancing the virtual asset plans, molding itself into a crypto hub.
Notably, mainland China supports these efforts. But – a big but – the services which CMBI can now offer in Hong Kong still remain forbidden on the mainland.
A joint public consultation on the legislative proposals for establishing licensing regimes for #DigitalAsset dealing and custodian service providers is launched and will last until August 29 #ChristopherHui https://t.co/Z32T79Y7Ow
— Hong Kong SAR Government News (@newsgovhk) June 27, 2025Moreover, in late June, the(FSTB) and the SFC launched a joint public consultation on the legislative proposals for establishing licensing regimes for digital asset dealing and custodian service providers. It will last until 29 August.
Secretary for FSTB Christopher Hui said the Government is “striving to build Hong Kong into a premier global hub” for digital assets.
Meanwhile, the city’s novel stablecoin ordinance will take effect on 1 August, when the Hong Kong Monetary Authority (HKMA) begins accepting formal applications. The government says it is processing license inquiries from more than 40 companies.
GTJA, China’s largest broker formed by merging two of China’s largest brokers recently, was granted the license to trade crypto assets. Stock tripled.
It’s not clear just yet how much revenue this new line of business will bring in. After all, all
HK major crypto exchanges are… pic.twitter.com/p3EzrrvwkY
Economist Hong Hao, a managing partner at, predicted that the market value of stablecoins could surpass $1 trillion in the NEAR term. “Stablecoins issued in Hong Kong may be more stable than those in the U.S.,” Hong argued, pointing to the city’s regulatory clarity and resource base.
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