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Multiple Hong Kong Local Brokerages Complete License Upgrade, More Institutions Expected to Enter Cryptocurrency Market
Summary: According to Jinshi data, industry insiders directly involved in virtual asset license applications and system integration revealed that multiple Hong Kong local brokerages (such as Victory Securities (08540.HK), ED Securities, etc.) have completed the first round of license upgrades. Guotai Junan International is not the only Chinese brokerage applying for a license, and more institutions ...
According to Jinshi data, industry insiders directly involved in virtual asset license applications and system integration revealed that multiple Hong Kong local brokerages (such as Victory Securities (08540.HK), ED Securities, etc.) have completed the first round of license upgrades. Guotai Junan International is not the only Chinese brokerage applying for a license, and more institutions may enter the market in the future. Brokerages mainly provide 'distribution' type trading services, rather than operating proprietary exchanges. Specifically, their model involves setting up omnibus accounts within licensed exchanges, providing channels for buying and selling mainstream compliant currencies such as BTC, ETH, and not involving high-risk altcoins or tokens. Currently, several local brokerages have started similar distribution services, which are basically in line with Guotai Junan International in terms of compliance requirements such as customer due diligence (KYC), suitability management, and investor education, and all prohibit mainland Chinese residents from participating in trading.
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Link: Multiple Hong Kong Local Brokerages Complete License Upgrade, More Institutions Expected to Enter Cryptocurrency Market [Copy]
