China Merchants Bank (CMB)'s subsidiary, China Merchants Bank International Securities Limited, has launched a cryptocurrency exchange in Hong Kong.
According to an announcement from China Merchants Bank on Monday (August 18), the bank has begun offering virtual asset trading services. This launch follows the approval of the bank's virtual asset service provider license application by the Securities and Futures Commission of Hong Kong in mid-July.
The cryptocurrency exchange operated by China Merchants Bank in Hong Kong allows eligible investors to trade Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) around the clock. The documentation provided by the bank clearly states that only professional investors are eligible to use the cryptocurrency trading services.
According to Macrotrends data, China Merchants Bank is one of the largest banks in China, managing over $1.7 trillion in assets as of the end of March. The market capitalization of the bank's ordinary A-shares is $153.16 billion.
China Merchants Bank stated that it is the first Chinese-funded bank subsidiary in Hong Kong to obtain a license related to virtual asset trading services. The bank also noted plans to combine traditional stock trading with digital assets and financial technology applications.
Authorities in Hong Kong appear to have made cryptocurrency regulation a key part of their agenda. On the 1st of this month, the Hong Kong Monetary Authority (HKMA) finalized its regulatory framework for stablecoin issuers.
The introduction of the new rules led to double-digit losses for stablecoin companies operating in Hong Kong after the new regulations took effect on August 1. Analysts described the sell-off at that time as a healthy adjustment, as the requirements for stablecoin issuers were stricter than expected.
The new rules were introduced during a six-month transition period starting on August 1. The new "Stablecoin Regulations" effectively criminalize the offering or promotion of unlicensed fiat-referenced stablecoins to retail investors. Local authorities also launched a dedicated public licensing registry before the rules took effect.
The Securities and Futures Commission of Hong Kong warned that the introduction of the new local stablecoin regulatory framework increases the risk of fraud. Last week, the SFC also issued immediate guidelines on cryptocurrency custody standards, introducing comprehensive security requirements and prohibiting the use of smart contracts in cold wallet implementations—a rule that conflicts with the current practices of several leading companies.
Related: Hong Kong Issues Warning of Increased Fraud Risk Following New Stablecoin Regulations
Original: “China Merchants Bank Subsidiary Launches Cryptocurrency Exchange in Hong Kong”
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