CMB International Securities Limited, a China Merchants Bank (CMB) subsidiary – one of China’s leading banks – has launched a cryptocurrency exchange in Hong Kong.
According to a Monday of CMB WeChat announcementThe bank began to offer virtual asset trade services. Launching will come after the Hong Kong Securities and Futures Commission Bank application has been approved For a virtual asset service provider license in mid -July.
Hong Kong allows CMB’s crypto -based crypto for Bitcoin’s 24/7 trading (Btc), Ether (Eth) and USDT by Tether (USDT) for eligible investors. Documentation The bank has made it clear that only professionals investors deserve the crypto trading services.
China Merchants Bank is one of the country’s largest banks, managing more than $ 1.7 trillion worth of properties until the end of March, according to MacrotRends Data. The bank’s ordinary class A also has a market capitalization of $ 153.16 billion.
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Mainland China’s ban on crypto continues
CMB said this was the first Chinese -related broker in Hong Kong to secure licenses tied to Virtual Asset Trading Services. The bank also noted plans to further combine traditional stock trading with digital assets and fintech applications.
However, in Shenzhen, China – where the bank’s chief is located – the service will be illegal. The Chinese government Crypto trading prohibited in 2017resulting in major seller-off at that time.
Since then, Chinese authorities have continued Treat Crypto Trade as illegal to mainland china, leading some Participants in the market to create creative solutions. However, Hong Kong operates under its own policies within the policy of “One Country, two systems” of China, and increasingly appearing as a local crypto hub.
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Hong Kong: an emerging crypto hub
Hong Kong authorities appear to have made crypto regulation an element of high priority in their agenda. On the first day of this month, the Hong Kong Monetary Authority (HKMA) That —finalize its regulation framework for stablecoin issues.
The introduction of new policies that led to Stablecoin The companies that operate in Hong Kong Posting of duplicate digits by August 1 Only then did they implement. The analysts at the time described the sell-off as a healthy correction, as the requirements for Stablecoin Issuing have proven to be more strict than expected.
New policies will be released in a Six months of transition period Beginning from August 1. The new Stablecoin ordinance is effective criminal offering or promotion of unlicensed fiat-referenced stablecoins to retail investors. Local authorities too Launched a dedicated public enrollment license Prior to the policies that take effect.
The Hong Kong Securities and Futures Commission has warned that the introduction of the new local Stablecoin regulation framework increased risk of fraud. Last week, the SFC also released an immediate Guide to CryptoCurrency Career Care.
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