On August 18, 2025, the eighth largest bank in the world—China Merchants Bank (CMB)—launched a cryptocurrency exchange in Hong Kong through its subsidiary, CMB International Securities Limited. This makes it the first Chinese bank-affiliated institution to provide compliant cryptocurrency trading services, marking a pioneering step. This milestone not only signifies the deep integration of traditional finance and digital assets but may also lead more financial institutions to follow suit, accelerating Hong Kong's development as a global digital asset hub.

China Merchants Bank Enters Cryptocurrency Trading

According to an announcement released by China Merchants Bank via WeChat, CMB International Securities Limited has obtained a virtual asset service provider license from the Hong Kong Securities and Futures Commission (SFC) in mid-July 2025, officially launching virtual asset trading services. The exchange offers 24/7 trading services for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) through its mobile application, aiming to provide a secure and compliant digital asset trading environment for professional investors.

However, according to documents provided by CMB International, trading services are limited to professional investors, and ordinary retail investors cannot participate directly at this time. This restriction aligns with Hong Kong's stringent regulatory requirements, aimed at ensuring market stability and investor protection. As one of China's largest banks, CMB had an asset management scale exceeding $17 trillion by the end of March 2025, with a market capitalization of $15.316 billion for its Class A common stock, providing a solid endorsement for this new business.

Despite the ban on cryptocurrency trading in mainland China since 2017, Hong Kong, as a Special Administrative Region, has an independent regulatory framework that offers unique opportunities for the development of digital assets. CMB International's initiative adds significant credibility to Hong Kong's efforts to establish itself as a global digital asset center, highlighting its leading position in global financial innovation.

Collaboration with Solana to Explore Tokenized Asset Opportunities

In addition to launching the cryptocurrency exchange, CMB International has taken a key step in tokenized assets through collaboration with the Solana blockchain. On August 13, 2025, Solana's official account announced on the X platform that CMB International has tokenized its Hong Kong-Singapore mutual fund into the CMBMINT money market fund, completed with the help of Singapore's licensed real-world asset (RWA) exchange DigiFT and RWA service provider OnChain on Solana.

This fund is based on the Hong Kong-Singapore mutual fund recognition agreement initiated by the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission in 2015, facilitating over $20 billion in cross-border fund investments. Tokenization is an important attempt to bring traditional financial assets onto the blockchain, indicating the increasing application of blockchain technology in contemporary fund distribution. CMB International's innovative move not only reflects the ongoing intersection of traditional finance (TradFi) and cryptocurrency but also highlights the growing confidence of institutions in blockchain finance.

Hong Kong: The Rise of a Global Digital Asset Center

In recent years, Hong Kong has actively promoted the improvement of its digital asset regulatory framework, aiming to become a global virtual asset center. The "Stablecoin Ordinance," effective August 1, 2025, and the SFC's strict requirements for cryptocurrency custody standards further solidify Hong Kong's balance between compliance and innovation. Hong Kong's Financial Services Secretary, Paul Chan, stated, "We encourage traditional financial institutions to participate in the virtual asset market in a compliant manner." He emphasized that Hong Kong's regulatory framework aims to protect investors while enhancing its competitiveness as an international financial center.

CMB International's cryptocurrency exchange is not the first digital asset platform in Hong Kong. Previously, ZA Bank, Mox Bank (a subsidiary of Standard Chartered), and HSBC have offered cryptocurrency-related services, including retail crypto trading and Bitcoin and Ethereum ETF trading since November 2024, August 2024, and 2023, respectively. However, as a subsidiary of a mainland Chinese bank, CMB International's entry is symbolically significant and may inspire more Asian and global financial institutions to explore the digital asset space.

Industry Impact and Future Outlook

CMB International's cryptocurrency exchange and tokenized asset projects signify further integration of traditional finance and blockchain technology. Its technical collaboration with OKX Planet ensures trading engine and liquidity support in high-concurrency scenarios, while strict KYC (Know Your Customer) and AML (Anti-Money Laundering) standards provide security for investors. Additionally, CMB International's integrated account model allows investors to manage both virtual assets and traditional securities on the same platform, offering diversified asset allocation solutions for institutional investors.

This move may trigger a chain reaction, prompting more traditional banks to enter the digital asset market, enhancing market competitiveness and innovation capabilities. Data from the X platform shows that in the first half of 2025, Hong Kong banks processed $3.3 billion in digital asset transactions, a year-on-year increase of 233%, demonstrating the region's leading position in the tokenization of real-world assets (RWA). CMB International's participation further solidifies this trend.

Conclusion

The launch of the cryptocurrency exchange and tokenized asset projects by CMB International Securities Limited in Hong Kong not only represents a strategic breakthrough for China Merchants Bank in the digital finance sector but also injects new momentum into Hong Kong's efforts to solidify its position as a global digital asset center. As a subsidiary of the eighth largest bank in the world, CMB International's initiatives set a benchmark for the integration of traditional finance and blockchain. In the future, as more institutions follow its lead, the digital asset market is expected to achieve greater stability and maturity, providing global investors with more diversified and compliant investment options.

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