China Merchants Bank's (CMBI) brokerage arm has attained a virtual assets license from Hong Kong, becoming the first Mainland China broker to do so, South China Morning Post (SCMP) said.

The license, which was issued on Monday by the Hong Kong’s Securities and Futures Commission, will allow the lender’s brokerage arm to offer crypto asset trading, custody and advisory services, the news outlet reported.

However, though the license grants the company access to Hong Kong, CMBI will not be able to conduct crypto business in mainland China, a lawyer told SCMP.

“By securing this license, CMBI gains regulated access to Hong Kong’s dynamic crypto market, yet it must operate within strict boundaries that prevent direct mainland participation, reflecting the delicate balance of innovation and legal constraint,” Joshua Chu, a lawyer and co-chair of the Hong Kong Web3 Association told SCMP.

China banned crypto trading and mining in 2021, and shortly after Hong Kong opened its doors to crypto companies. Hong Kong said it was "ready to engage" with the industry in 2022. In December, it granted licenses to four crypto exchanges, and in May passed a law allowing it to license stablecoin issuers from Aug. 1. Already over 40 firms are preparing for the stablecoin license.

CoinDesk reached out to China Merchants Bank and Hong Kong’s Securities and Futures Commission for a comment.

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