Hong Kong, as a global financial center, has been at the forefront of regulatory exploration in the virtual asset sector. Recently, this exploration has achieved a milestone progress. According to an announcement from the official WeChat account of Guotai Junan International, Guotai Junan International Holdings Limited has officially received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license, allowing it to provide virtual asset trading services and offer related advice to clients. This marks Guotai Junan International as the first Chinese-funded brokerage in Hong Kong to provide comprehensive virtual asset-related trading services, opening the door for traditional investors to enter the virtual asset market in a compliant manner.
- License Upgrade: Guotai Junan International's Full-Service Chain for Virtual Assets
The significance of this license upgrade is substantial. According to the announcement, Guotai Junan International's clients will be able to trade mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as Tether (USDT), directly through its platform. More importantly, clients will also receive professional compliance investment advice while engaging in virtual asset trading.
The scope of services approved for Guotai Junan International covers three core areas:
Virtual asset trading execution services: Directly providing trading channels for cryptocurrencies and stablecoins.
Providing advice during virtual asset trading services: Offering clients professional investment consulting and compliance guidance.
Issuance and distribution of virtual asset-related products (including over-the-counter derivatives): Expanding the diversity of virtual asset products to meet the needs of different investors.
This comprehensive service chain fills the gap for Chinese-funded institutions in the virtual asset field in Hong Kong, providing a safe and compliant investment path for traditional financial institutions and investors.
- Systematic Layout: Guotai Junan International's Gradual Expansion
Guotai Junan International's layout in the virtual asset sector has not been achieved overnight but shows a systematic and gradual advancement. Its timeline clearly demonstrates its deepening efforts in the virtual asset field:
January 2024: Launch of brokerage services for virtual asset-related products (including ETFs and futures).
April 2024: Expansion of issuance and distribution services for virtual asset-related products (including over-the-counter derivatives).
December 2024: Introduction of agent services for virtual asset trading platforms.
April 2025: Involvement in digital bond issuance business.
May 2025: Commencement of distribution of tokenized securities or providing advice on tokenized securities.
June 2025: Final realization of virtual asset trading services and providing advice based on this.
This step-by-step expansion aligns closely with the "A-S-P-I-Re" regulatory roadmap released by the Hong Kong Securities and Futures Commission in February 2025. This framework clarifies the five pillars of the virtual asset market: Access, Safeguards, Products, Infrastructure, and Relationships, providing a solid institutional foundation and clear guidance for the compliance exploration of institutions like Guotai Junan International.
- Improvement and Challenges of the Regulatory Framework in Hong Kong
The license upgrade of Guotai Junan International also reflects the ongoing improvement of the regulatory framework for crypto assets in Hong Kong. Hong Kong Legislative Council member Wu Jiezhuang stated that the introduction of the "Stablecoin Ordinance" marks further enhancement of the regulatory framework for crypto assets, showcasing Hong Kong's foresight in financial innovation and risk control. The Monetary Authority has clearly positioned stablecoins as payment tools rather than investment products, helping the public to rationally understand their functional boundaries.
The "Stablecoin Ordinance" establishes a high-threshold licensing system based on international standards, emphasizing "substantive application scenarios" and "business sustainability," aiming to filter out compliant and capable issuers while avoiding market overheating that could lead to risks. Wu Jiezhuang particularly commended the Monetary Authority for communicating regulatory expectations with the industry in advance through a "sandbox" mechanism and clarified that sandbox participation is not linked to license approval, reflecting the rigor and transparency of the approval process.
However, challenges still exist. Wu Jiezhuang believes that the future challenge lies in effectively connecting regulation with actual application scenarios. Currently, the traditional financial system and stablecoin settlement are still in an adaptation period, and further breakthroughs are needed regarding the convenience, operability, and financial risk prevention of stablecoins to expand the influence of compliant stablecoins in Hong Kong. Additionally, he suggested that Hong Kong should learn from the EU's MiCA cross-border coordination experience and continuously monitor market changes to adjust guidelines in a timely manner.
Conclusion:
Guotai Junan International's approval is not only an important milestone in its own development in the virtual asset field but also a significant signal in the compliance process of the virtual asset market in Hong Kong and globally. It sets a precedent for traditional financial institutions to enter the virtual asset field and provides investors with more compliant and secure channels. With the continuous improvement of the regulatory framework in Hong Kong and the active exploration of market participants, we have reason to believe that Hong Kong will play an increasingly important role in the compliant development of global virtual assets.
Related: Guotai Junan partners with Galaxy, targeting new ETFs beyond Bitcoin
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