China Merchants Bank’s Brokerage Arm Secures Hong Kong Virtual Assets License

China Merchants Bank International (CMBI) has become the first mainland Chinese broker to secure a VIRTUAL assets license in Hong Kong. The Securities and Futures Commission granted the approval on Monday, enabling CMBI to offer crypto trading, custody, and advisory services in the city.

The milestone reflects Hong Kong's progressive stance on digital assets, contrasting with mainland China's 2021 ban on crypto trading and mining. "CMBI gains regulated access to Hong Kong's dynamic crypto market while navigating strict boundaries that prevent mainland operations," noted Joshua Chu of the Hong Kong Web3 Association.

Hong Kong has actively courted crypto firms since 2022, licensing four exchanges last December. Its new stablecoin regulatory framework takes effect August 1, with over 40 companies reportedly preparing applications.