A dual milestone of compliance and mainstreaming, the Hong Kong virtual asset market welcomes a historic leap.
Chinese brokerages officially enter the virtual asset trading battlefield!
On June 24, 2025, Guotai Junan International announced that it had obtained approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, becoming the first Chinese brokerage to offer such services. Clients will be able to trade mainstream cryptocurrencies like Bitcoin, Ethereum, and stablecoins like USDT directly on its platform.
1. Breakthrough Move: The Fully Licensed Service Ecosystem Takes Shape
The recent license upgrade by Guotai Junan International is by no means an isolated event but is the culmination of its systematic layout in virtual assets.
June 2025: Completion of the upgrade of the virtual asset trading service license, achieving comprehensive coverage of 'trading + consulting + issuance distribution'.
This series of actions is highly consistent with the Hong Kong Securities and Futures Commission's release of the 'A-S-P-I-Re' virtual asset market regulatory roadmap in February 2025, which aims to promote the integration of traditional finance and blockchain technology.
2. Market Impact: The Wave of Institutionalization and Restructuring of the Landscape
Guotai Junan's entry will profoundly change the landscape of the virtual asset market in Hong Kong and even Asia.
1. Access for Institutional Investors is Opened: Traditional brokerages leverage compliance advantages and established customer bases to provide secure, regulated trading access for high-net-worth clients and institutional funds, significantly lowering compliance thresholds.
2. Liquidity Upgrade and Product Diversification: By combining its approved capabilities for tokenized securities, digital bonds, and virtual asset-linked structured notes, Guotai Junan can build a multi-tiered matrix of virtual asset financial products. The integration of traditional financial engineering capabilities with crypto assets will give rise to richer risk management tools and yield strategies.
3. On-chain Competition Among Chinese Brokers Begins: As a leading Chinese brokerage, Guotai Junan's breakthrough will stimulate other financial institutions to accelerate their applications for virtual asset licenses, promoting a deeper integration of traditional finance and blockchain. Hong Kong's status as an international virtual asset center will be further consolidated.
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3. Challenges and Prospects: Calm Reflections Amidst the Celebration
Despite a bright outlook, investors still need to be wary of threefold challenges:
Volatility Risk: Bitcoin recently experienced a daily volatility exceeding $5,000, leading to 250,000 liquidations within 24 hours. High-leverage trading may exacerbate market fluctuations in the early stages of institutional entry.
Regulatory Differentiation: While Hong Kong actively embraces Web 3.0, mainland China still strictly prohibits virtual currency-related businesses. The policy gap creates arbitrage opportunities but also conceals compliance risks.
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