Analysis: The current upgrade of License No. 1 is only a distribution attribute; Chinese-funded securities firms cannot yet establish 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 securities firms, 1 bank, and 1 internet company.

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