The integration of traditional finance and digital assets has reached a substantive turning point in Hong Kong.

Article Author: Lesley, MetaEra

On June 24, Guotai Junan International (01788.HK) obtained Hong Kong's first full license for virtual assets, and the market quickly gave a technology stock-style revaluation premium: it rose nearly 90% at one point, with a cumulative increase of 466% over three trading days.

Guotai Junan International stock price

Subsequently, several brokerages completed the upgrade of license No. 1, triggering a rush for funds.

On June 26, (Hong Kong Digital Asset Development Policy Declaration 2.0) was released, marking the 'boiling point moment' of the digital asset era for Hong Kong's capital market, adding a policy engine to the wave of brokerage licenses.

The integration of traditional finance and digital assets has reached a substantive turning point in Hong Kong.

Policy acceleration and capital entry: Hong Kong's digital asset ecosystem is rapidly taking shape.

Hong Kong is actively building a digital asset ecosystem, with related policies and market developments progressing in tandem.

In May 2025, the Legislative Council passed the (Stablecoin Regulation Draft), which was published in the Gazette on May 30, marking the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins.

(Hong Kong Digital Asset Development Policy Declaration 2.0)

On June 26, the Hong Kong government released (Hong Kong Digital Asset Development Policy Declaration 2.0), clearly supporting the creation of a global digital asset innovation center through policy.

At the same time, the Hong Kong Securities and Futures Commission is speeding up the implementation of the licensing system. As of now, 41 companies have successfully upgraded to license No. 1 and received virtual asset licenses, leading to a surge in related Hong Kong stock prices. Investors are voting with real money for the new era of digital assets in Hong Kong.

MetaEra compiled the Top 5 ranking of Hong Kong stocks that obtained license No. 1 upgrade within three trading days starting June 25 for market reference.

Increase in related Hong Kong stock prices due to license No. 1 upgrade (June 25 - June 27)

The continued implementation of policies and the market situation have resonated, igniting investor confidence and expectations for the development of digital assets in Hong Kong.

How did Guotai Junan become a leader?

The concept of digital assets has opened a new growth narrative for traditional brokerages, but not all brokerages can truly seize the opportunity; early layouts and compliance awareness will be the most important factors among them.

As early as 2024, Guotai Junan International proactively laid out its virtual asset business.

• In January 2024, began broker business for virtual asset-related products (including ETFs and futures).

• In April 2024, began issuing and distributing virtual asset-related products (including over-the-counter derivatives).

• In December 2024, began introducing agents for virtual asset trading platforms.

• In April 2025, began issuing digital bonds.

• In May 2025, began providing advice on distributing tokenized securities or tokenized securities.

• In June 2025, began providing advice on the basis of offering virtual asset trading services; officially approved by the Hong Kong Securities and Futures Commission to upgrade existing securities trading licenses to the latest licenses that can provide virtual asset trading services.

CITIC Securities pointed out that 'Guotai Haitong, as a state-owned enterprise and one of the largest securities companies in the mainland, its Hong Kong subsidiary obtaining a virtual asset trading service license is a significant breakthrough. Under the demonstration effect of Guotai Haitong, mainland brokerages' Hong Kong subsidiaries will accelerate related license applications, and securities companies are expected to speed up the development of virtual asset-related businesses.'

Traditional financial markets are weak: How can brokerages keep pace with digital assets?

Against the backdrop of sluggish growth in traditional businesses, digital asset businesses are becoming the key incremental engine for brokerages seeking transformation breakthroughs.

In recent years, the profitability model of brokerages has been under pressure from the market, facing significant challenges to overall profitability. In contrast, the digital asset sector shows greater growth potential. High-frequency trading users bring high levels of activity, significantly enhancing platform traffic and import efficiency. Combined with multiple income sources such as trading commissions, this has built a relatively independent new growth curve for brokerages, separate from traditional capital market fluctuations.

However, the dividends are not distributed equally. To stand out in the 'traditional finance + digital assets' race, institutions must possess four key capabilities.

• Compliance Awareness: Strictly adhere to regulatory requirements and timely apply for relevant qualifications.

• Technical Strength: Blockchain technology development and security protection capabilities.

• Customer Base: Resources of institutional clients and high-net-worth individuals.

• Risk Management System: A risk management framework that adapts to the characteristics of digital assets.

It is reported that several large brokerages' Hong Kong subsidiaries are actively following up on license applications, especially leading brokerages with a broad customer base, which are seen by the market as potential targets for the next round of speculation.

After the market frenzy, how does value settle?

Amidst the craze, calm reflection is equally important. Hong Kong has ignited market sentiment with its first full license for virtual assets. The seemingly 'hard-to-get' scarcity halo is destined to fade as more institutions receive approval—diminishing marginal effects of policy dividends, the gradual disappearance of license scarcity, and the practical landing of digital asset businesses will be key variables in testing whether this capital feast can be sustained.

From 'gaining qualifications' to 'operating well', from 'policy-driven' to 'capability-driven', the entire industry is entering a deeper reshuffling period.

Digital assets are not a 'quick game' for the capital market, but a deep participation in the reconstruction of the global financial order. Those who can leave a robust structure after the bubble will truly define the standards for the next generation of financial platforms.