China Traders Bank (Cmbi) The brokerage arm obtained a virtual asset license from Hong Kong, to become the first intermediary in China on the mainland, South China Morening Post (SCMP) He said.
The news outlet stated that the license, which was issued on Monday by the Hong Kong Securities and Futures Committee, will allow the brokerage arm to provide the trading of encryption assets, custody and advisory services.
However, although the license gives the company the company’s arrival to Hong Kong, the Cmbi will not be able to perform the coding on the main mainland of China, according to a SCMP lawyer.
“By securing this license, CMBI gets access to the dynamic encryption market in Hong Kong, yet it must work within strict limits that prevent the participation of the direct mainland, which reflects the accurate balance of innovation and legal restrictions.”
China has banned encryption trading And mining in 2021And shortly after Hong Kong opened its doors to encryption companies. Hong Kong said it’s “ready to participate” with industry in 2022. In December, Licensing was given for four encryption exchangesIn May, he passed a law allowing him to do so Stablecoin exporters from August 1. Indeed, more than 40 companies are preparing To license Stablecoin.
CoINDESK Connects to the Bank of China and the Securities and Securities Committee in Hong Kong to comment.
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