Table of Contents
1. Guotai Junan International | Obtained Hong Kong Crypto Trading License
Guotai Junan International has been approved by the Hong Kong Securities and Futures Commission to upgrade its securities license to virtual asset trading service qualification, supporting trading of BTC, ETH, etc., and promoting the integration of traditional finance with the crypto ecosystem.
2. Hong Kong Company Dalian Holdings | Collaborates with ViaBTC to Build a Crypto Service Ecosystem
Hong Kong-listed Dalian Holdings and Mining Pool ViaBTC Establish Joint Venture, Layout Crypto OTC, Asset Management, and Compliance Platform Development, Explore Bitcoin Reserves, Achieve Complementarity of Financial Resources and Technological Advantages.
3. Breakthrough in Hong Kong Stablecoin Regulation | Implementation of Multi-Currency and Autonomous Network Policies
Hong Kong Stablecoin License Allows Issuers to Choose Anchor Currencies (Not Limited to Hong Kong Dollar) and Blockchain Networks (e.g., Ethereum, Solana) to Attract International Institutions with Regulatory Flexibility.
4. The Strategic Logic Behind Nano Labs' Large Increase in BNB Holdings
Chinese Nasdaq-listed company Nano Labs plans to hold 5%-10% of BNB's circulating supply through $500 million in convertible bond financing, extending from a crypto chip vendor to an asset holder, with support from CZ.
5. Speculation on Hong Kong Stablecoin Innovation | Linked Exchange Constraints and Exploration of Real Asset Tying
Bloomberg Report Points Out That Hong Kong Dollar Stablecoins are Subject to Linked Exchange Rate Constraints, Analysts Suggest Future Tying to Real Estate and Other Real Assets to Balance Value Stability and Risk Resistance, or Reshape Hong Kong's Foreign Exchange Reserve Structure.
Guotai Junan International | Approved by the Hong Kong Securities and Futures Commission to provide cryptocurrency trading services
#Hong Kong Crypto Regulation #Guotai Junan International #Virtual Asset Trading
📊 License Upgrade Approved
Upgrading Securities License to Virtual Asset Trading Service
According to Jin Ten Data, Guotai Haitong Group's subsidiary Guotai Junan International Holdings Limited has officially been approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, and offer advice based on that service. This approval marks the formal expansion of Guotai Junan International from the traditional securities field to the virtual asset track, becoming a new participant in Hong Kong's compliant crypto service market. As a traditional financial institution, its license upgrade not only represents an expansion of business scope but also reflects the Hong Kong regulatory authority's open attitude towards the virtual asset market.
💼 Service Scope Expansion
Direct Trading of BTC, ETH, and Stablecoins and Other Virtual Assets
After the license upgrade, customers of Guotai Junan International will be able to directly trade virtual assets through its platform, covering mainstream cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT). This move meets customers' demand for integrated services of 'traditional finance + virtual assets', especially for investors accustomed to traditional brokerage platforms, as they no longer need to switch to pure crypto platforms to participate in the virtual asset market, lowering learning costs and operational barriers.
🏦 Traditional Institutions Enter the Market
Entering Crypto Trading Services has Far-Reaching Implications
Guotai Junan International has been deeply engaged in the traditional securities field for many years, possessing rich customer resources (such as high-net-worth individuals and institutional investors) and a mature compliance system. On one hand, the compliance and credibility of traditional institutions can attract more risk-averse investors to participate in virtual asset trading; on the other hand, its existing customer base provides a natural traffic entrance for crypto services, potentially promoting further popularization of the virtual asset market. Additionally, the entry of traditional institutions may also encourage pure crypto platforms to enhance compliance and service quality, promoting the standardized development of the entire market.
🌍 Development of Hong Kong's Crypto Ecosystem
Further Enriching the Supply of Virtual Asset Trading Services in Hong Kong
Hong Kong is gradually improving its virtual asset regulatory framework, and the approval of Guotai Junan International's license upgrade is an important step in the development of Hong Kong's crypto ecosystem. With the addition of pure crypto platforms like HashKey and OSL, as well as traditional institutions like Guotai Junan International, the supply of the virtual asset trading market in Hong Kong is becoming more diversified. This diversification not only provides investors with more choices but also positions Hong Kong to become an important hub for virtual asset trading, connecting traditional finance with the crypto ecosystem.
👨🎓 Extended Thought: As a traditional financial institution, what competitive advantages does Guotai Junan International have in entering crypto trading services compared to pure crypto platforms (like Coinbase and Binance)?
Hong Kong Dalian Holdings | Collaborates with ViaBTC for Crypto Layout
#Crypto Cooperation #Hong Kong Virtual Assets #Bitcoin Reserves
🤝 Joint Venture Established
Dalian Holdings and ViaBTC Collaborate to Provide Crypto OTC and Asset Management Services
On June 24, 2025, Dalian Holdings, a Hong Kong-listed company, announced a strategic cooperation with Bitcoin mining pool ViaBTC, jointly establishing a joint venture. The core business includes cryptocurrency OTC trading, asset management, and family office services. This move marks Dalian Holdings' formal entry into the cryptocurrency field, aiming to provide professional crypto financial solutions for high-net-worth clients and family offices by integrating its financial resources and customer base with ViaBTC's experience in mining pool operations and crypto technology.
📊 Bitcoin Reserve Plan
Dalian Holdings Explores Establishing Bitcoin Reserves and Layout in Crypto Assets
In this collaboration, Dalian Holdings has explicitly revealed plans to explore establishing Bitcoin reserves. As a Hong Kong listed company, the logic behind this move may be asset diversification—traditional reserve assets such as the US dollar and gold face volatility risks, while Bitcoin's decentralized and value-storing attributes make it a potential reserve option. This plan aligns with the current trend of enterprises and institutions increasing their cryptocurrency asset reserves, and demonstrates Dalian Holdings' recognition of the value of crypto assets. The key issue that Dalian Holdings needs to address is how to balance the stability and profitability of reserve assets, which is also worth the market's attention for its subsequent specific implementation strategies.
🔒 SFC Licensed Platform Development
Dalian Holdings Plans to Develop a Hong Kong-Compliant Virtual Asset Trading Management Platform
In addition to the joint venture and reserve plan, Dalian Holdings also proposed a plan to develop a virtual asset trading and management platform with approval from the Hong Kong Securities and Futures Commission (SFC). As an international financial center, Hong Kong has been gradually improving its regulation of virtual assets in recent years, and SFC approval means that the platform must meet strict compliance standards. This move shows that Dalian Holdings aims to conduct virtual asset business within a compliance framework, enhancing the platform's credibility and competitiveness. For investors, the emergence of compliant platforms will also reduce the risks of participating in virtual asset trading, promoting the healthy development of the market.
💪 Complementary Cooperation
The Background of Dalian Holdings as a Listed Company and its Integration with ViaBTC Mining Pool Technology
As a Hong Kong-listed company, Dalian Holdings possesses rich financial resources, customer base, and compliance experience, while ViaBTC is a well-known Bitcoin mining pool, having advantages in crypto technology, network security, and industry resources. The cooperation between the two achieves complementary advantages: Dalian Holdings can leverage ViaBTC's technology and industry experience to quickly enter the crypto field, avoiding the high costs and risks of self-development; ViaBTC can utilize Dalian Holdings' platform and resources to expand its business scope and enhance brand influence. How to achieve resource integration and complementary advantages will be key to the success of such cooperation.
👨🎓 Extended Thought: As a traditional listed company, Dalian Holdings' choice to collaborate with ViaBTC in the crypto field—Is its core motivation asset diversification or seeking new profit growth points? What lessons can this cooperation model offer to other traditional enterprises?
Hong Kong Stablecoin License | Not Limited to Hong Kong Dollar, Network Can Be Selected Autonomously
#Hong Kong Stablecoins #Crypto Regulation #Digital Assets
📣 New Regulations for Hong Kong Stablecoin Licenses
Not Limited to Hong Kong Dollar Stablecoins, Supports Multi-Currency Issuance
HashKey Group Chairman Xiao Feng stated in an interview with Rhythm BlockBeats that after the approval of the Hong Kong stablecoin license application, issuers can issue stablecoins of various currencies, not just limited to Hong Kong dollar stablecoins. This policy adjustment breaks the traditional perception that 'Hong Kong stablecoins can only be pegged to the Hong Kong dollar', providing issuers with more flexible options. For issuers, multi-currency issuance means covering a broader range of user needs—for example, dollar-pegged stablecoins can meet cross-border payment scenarios, while euro-pegged stablecoins could attract investors from Europe. This diversity is expected to enhance the competitiveness of the Hong Kong stablecoin market and attract more international institutions.
🔗 Stablecoin Deployment Network Autonomy
Issuers Can Choose Ethereum, Solana, or Their Own Network
Xiao Feng also mentioned that the blockchain network required for stablecoin deployment will be determined by the issuer. This means that the issuer can choose mature public chains like Ethereum and Solana or adopt a self-operated blockchain network. The advantage of choosing a public chain is its complete ecosystem and higher security, while a self-owned network allows the issuer to better control the technical architecture, improve transaction efficiency, or reduce costs. This 'network autonomy' policy design reflects the Hong Kong regulatory authority's inclusiveness towards innovative crypto technology—allowing market participants to choose based on their own needs rather than mandating specific networks, which helps to stimulate industry innovation vitality.
💡 Xiao Feng Interprets Policy Logic
Flexibility is the Core of Hong Kong's Stablecoin Regulation
As a seasoned player in Hong Kong's virtual asset field, Xiao Feng emphasized that the core of Hong Kong's stablecoin policy is 'flexibility'. He believes that the cryptocurrency market is characterized by diversity and rapid development, and overly rigid regulation can stifle innovation. Allowing issuers to choose currencies and networks autonomously can maintain the effectiveness of the regulatory framework while adapting to market changes. This flexibility is also a competitive advantage for Hong Kong as an international financial center—by providing a more inclusive regulatory environment, it attracts top global crypto companies and talent, reinforcing its competitiveness in the virtual asset field.
🌍 Potential Impact on the Industry
Multi-Currency, Multi-Network Stablecoins May Become a New Highlight in Hong Kong's Crypto Space
The adjustment of Hong Kong's stablecoin policy is expected to bring multiple positive effects to the industry. First, the introduction of multi-currency stablecoins will meet different user needs, such as cross-border e-commerce enterprises needing dollar-pegged stablecoins for settlement, while local investors may prefer Hong Kong dollar stablecoins. This diversity will enhance market liquidity and activity. Second, the autonomy of network choice allows issuers to select the optimal technical solution based on their business characteristics—for example, high-frequency trading platforms may choose high-performance public chains like Solana, while privacy-focused institutions may opt for their own networks. These changes will drive the development of Hong Kong's virtual asset market, making it an important player in the global stablecoin space.
👨🎓 Extended Thought: With Hong Kong allowing the issuance of multi-currency stablecoins, will it affect the international status of the Hong Kong dollar? How to balance the diversity of stablecoins with the dominant position of local stablecoins?
Nano Labs | Chinese US Stock Company Copying MicroStrategy, $500 Million Purchase of BNB
#BNB #Treasury Strategy #Crypto Investment
🇨🇳 Chinese Crypto Chip Company Enters the Market
Nasdaq-listed Nano Labs Incorporates BNB into Treasury Strategy
Nano Labs is a Nasdaq-listed company from China (stock code: NA), focusing on the design and research of cryptocurrency mining chips. Its products are widely used in the mining of cryptocurrencies like Bitcoin and Ethereum, possessing deep technical accumulation and stable market share in the industry. Recently, the company announced that it would incorporate Binance Coin (BNB) into its treasury asset allocation strategy, marking its transition from a 'crypto mining infrastructure supplier' to a 'crypto asset holder'. As a traditional chip company, Nano Labs' choice of BNB over mainstream crypto assets like Bitcoin and Ethereum may be due to BNB's core position within the Binance ecosystem—BNB is not only the platform coin of the Binance exchange but can also be used to pay transaction fees, participate in Launchpad projects, purchase NFTs, etc., with the diversity of ecological applications providing stronger value support.
💰 $500 Million Convertible Bond Financing
Nano Labs Signs Agreement for Purchasing BNB
According to Nano Labs' official statement, the company has signed a $500 million convertible bond agreement with investors, and all proceeds will be used to purchase BNB. Convertible bonds are a financial instrument that combines the characteristics of bonds and stocks, allowing investors the right to convert the bonds into company stock in the future. This financing method provides Nano Labs with funds to purchase BNB while avoiding the dilution of existing shareholders' equity from direct stock issuance. For investors, the attractiveness of convertible bonds lies in: if Nano Labs' BNB investment is successful, the stock value will increase, and investors can achieve higher returns through stock conversion; if the investment fails, they can still receive fixed interest on the bonds. This is a 'shared risk, shared reward' model.
🎯 $1 Billion Target: Hold 5-10% of BNB Circulating Supply
Nano Labs Plans to Hold Large Amounts of BNB
In addition to the $500 million initial purchase plan, Nano Labs also stated that it will 'assess the safety and value of BNB', and may expand the buying scale to $1 billion in the future, with a long-term goal of holding 5-10% of the total circulating supply of BNB. At the same time, holding a large amount of BNB can also enhance the company's voice in the cryptocurrency market, laying the foundation for future business expansions (such as collaborating with Binance to develop chips and participate in ecosystem projects).
🎉 CZ Congratulates: Supports Nano Labs
Binance Founder Recognizes the Plan
CZ congratulated Nano Labs on its BNB purchase plan on social media, stating: 'Nano Labs Ltd has announced its BNB initiative, and private strategic reserves are becoming a listed company. Bringing $500 million to BNB. Stock prices are soaring. We (my affiliate) did not participate in this round, but we still very much support it.' CZ's support not only reflects Binance's emphasis on the BNB ecosystem but also adds credibility to Nano Labs' plans. As a leading figure in the cryptocurrency industry, CZ's stance may influence the market's perception of BNB. CZ mentioned that 'private strategic reserves are becoming a listed company', hinting that listed companies holding crypto assets will become a trend, and traditional enterprises are gradually entering the cryptocurrency market.
👨🎓 Extended Thought: As a crypto mining chip company, is Nano Labs' choice of BNB as treasury assets synergistic with its industrial background?
Bloomberg Analyzes Hong Kong Stablecoins | Under Linked Exchange Rate Influence, Future may Tie to Real Estate
#Bloomberg Report #Stablecoin Regulation #Hong Kong Financial Innovation
📊 Bloomberg Report Focuses on Hong Kong Stablecoins
Discussing Market Potential and Impact on Foreign Exchange Market
According to Hong Kong Commercial Radio, Bloomberg Industry Research recently released a report analyzing the potential of the Hong Kong stablecoin market and its impact on the foreign exchange market. The report pointed out that as an international financial center, Hong Kong's stablecoin market has broad development space, but the current stablecoins linked to the Hong Kong dollar still face constraints from the linked exchange rate system. Analyst Zhao Zhixuan emphasized in the report that the stability of stablecoin value relies on the underlying asset support, and the fixed exchange rate system between the Hong Kong dollar and the US dollar will directly affect the valuation of these assets, thereby impacting the market performance of stablecoins. This analysis provides an important perspective for understanding the current state of Hong Kong's stablecoin market and raises market considerations regarding the future development direction of stablecoins.
💱 Linked Exchange Dependency of Hong Kong Dollar Stablecoin
Asset Support is Subject to the Hong Kong Dollar-US Dollar Linked Exchange Rate System
The report mentions that any stablecoin pegged to the Hong Kong dollar is supported by Hong Kong dollar cash or cash equivalents (such as short-term bonds). Due to the Hong Kong dollar's pegged exchange rate system with the US dollar (fixed at around 7.8 HKD to 1 USD), the value of these supporting assets will change with adjustments to the linked exchange rate system. For example, if potential adjustments to the linked exchange rate system occur in the future (such as exchange rate fluctuations or system changes), even if the nominal value of the stablecoin remains stable, the underlying assets may need to be revalued, thus affecting the actual value support of the stablecoin. This dependence on the linked exchange means that the risks for Hong Kong dollar stablecoins come not only from their own operations but also from macroeconomic policies.
🏠 New Direction for Stablecoins: Tied to Real Assets
Analysts Suggest Future Tying to Real Estate and Other Real Assets
In response to the challenges posed by the linked exchange rate system, analyst Zhao Zhixuan proposed a potential solution: future stablecoins in Hong Kong may be tied to real estate and other real assets. He believes that real assets (such as commercial real estate and infrastructure) have characteristics of value stability and risk diversification. If stablecoins are backed by these assets, it could reduce dependence on Hong Kong dollar cash equivalents, thereby lessening the impact of adjustments to the linked exchange rate system. For instance, if a stablecoin were tied to commercial real estate in Hong Kong, its value would be related to the performance of the real estate market rather than solely depending on the exchange rate between the Hong Kong and US dollars. This model could not only enhance the risk resistance of stablecoins but also provide new financing channels for real assets.
🌐 The Impact of Stablecoins on Hong Kong's Foreign Exchange Market
Tied to Real Assets May Change the Structure of Foreign Exchange Reserves
The report also explores the impact of the stablecoin market's development on Hong Kong's foreign exchange market. Currently, Hong Kong's foreign exchange reserves are primarily dollar-denominated (used to maintain the linked exchange rate system). If stablecoins shift to being tied to real assets, it may reduce the demand for dollar reserves, thereby altering the structure of Hong Kong's foreign exchange reserves. Moreover, stablecoins linked to real assets could attract more international investors, enhancing the liquidity and internationalization of Hong Kong's foreign exchange market. However, this change may also bring new risks, such as the impact of real asset price fluctuations on stablecoin value and the regulatory challenges for authorities in valuing real assets.
👨🎓 Extended Thought: If Hong Kong stablecoins are tied to real estate and other real assets, how to address the volatility of asset valuation? For example, fluctuations in real estate prices may lead to deviations of stablecoin value from the anchor target.
