Guotai Junan International became the first mainland China-backed brokerage to win Hong Kong Securities and Futures Commission approval to offer full-scope virtual asset trading and advisory services
Guotai Junan International became the first mainland China-backed brokerage to win Hong Kong Securities and Futures Commission approval to offer full-scope virtual asset trading and advisory services. The licence upgrade allows the firm’s clients to trade cryptocurrencies such as Bitcoin and Ethereum as well as stablecoins including Tether directly on its platform.
Investors welcomed the regulatory breakthrough. Guotai Junan International’s Hong Kong-listed shares surged more than 100% on Wednesday, at one point adding roughly US$2.5 billion in market capitalisation. The rally spilled over to other crypto-related stocks: exchange operator OSL climbed about 18% to a one-year high, while HashKey also advanced.
The decision underscores Hong Kong’s role as a testing ground for virtual-asset regulation within the broader Chinese financial system, which continues to bar retail crypto trading on the mainland. Market participants said the move could spur further institutional participation in digital assets and pave the way for additional Chinese financial groups to seek similar approvals.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
