When brokers play regulatory arbitrage, the meat grinder for retail investors gets a new blade! #国债 #剥头皮策略
Caixin's exclusive revelation: Guotai Junan International only obtained the VASP license for virtual asset service providers, not the real exchange VATP license! This "regulatory smokescreen" hides three sickles: VASP is essentially a modified version of a first-class license used by brokers, which can only act as virtual asset brokers to help clients place orders, without the right to custody or proprietary trading—equivalent to a 4S shop selling cars without the right to repair them. VASP client funds must be routed through licensed VATP platforms (like OSL), while brokers shift compliance costs to exchanges, earning commissions with zero risk. The Hong Kong Securities and Futures Commission opens a "backdoor" for traditional financial institutions with the VASP license, with only 2 true VATP licenses granted (OSL, HashKey), while the rest are all "middlemen"! Be vigilant about "license speculation" in the short term: brokers use the VASP name to pump the market, but in reality, they cannot increase market liquidity. In the long run, see through the "compliance pie in the sky": "When institutions nitpick the wording of licenses, it is destined that they only want to harvest without wanting to build."
You see the license carnival, the dealer sees the entry notice of the backer!