BinanceSquare #Crypto #HongKong #Web3 #China #Stablecoins #SFC #DigitalAssets

Big win for crypto in Asia! 🧧 China Merchants Bank Intl. (CMBI) just became the first Mainland China broker to snag a virtual asset license in Hong Kong.

That means:
✅ Crypto trading
✅ Custody services
✅ Advisory biz — all legally allowed under the HK Securities and Futures Commission 🧾

But hold up—CMBI still can’t touch mainland China’s market due to the 2021 crypto ban 🚫. This license is all about tapping Hong Kong’s booming #Web3 hub, without crossing Beijing’s red lines.

🔍 Quick Context:

China banned crypto trading & mining in 2021
Hong Kong opened up in 2022, fast-tracking licenses
40+ firms are prepping for HK’s stablecoin license dropping Aug. 1
Hong Kong wants to be the “Web3 gateway to Asia” 🌉

💬 Lawyer Joshua Chu puts it best: “CMBI’s win is innovation with boundaries.”

Hong Kong’s playing the long game — opening its doors while China watches from the sidelines. 👀

💬 Think China will eventually follow Hong Kong’s lead? Or is this the closest we'll get? Drop your thoughts below! 👇
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