Analysis: The current upgrade to License No. 1 only has distribution attributes, and Chinese-funded brokerages cannot yet build their own cryptocurrency trading platforms.

According to BlockBeats, the Hong Kong Securities and Futures Commission disclosed that as of June 24, a total of 40 institutions have upgraded to License No. 1, allowing them to provide virtual asset trading services through integrated account arrangements. These institutions include 38 brokerages, 1 bank, and 1 internet company.

Industry insiders pointed out that the License No. 1 obtained by Chinese-funded brokerages only has distribution attributes and cannot build their own cryptocurrency trading platforms, but instead connect clients to existing cryptocurrency trading platforms.