International CMB (CMBI), the brokerage arm of Chinese merchant bankreceived a virtual asset license from the Commission of securities (SFC) In Hong Kong, reports the South China Morning Post.
According to this report, CMBI obtained the license on Monday. With him, he became the first continental broker to offer cryptocurrency trading services in the special administrative region.
In addition, CMBI can now offer trading, guard and advice services. In addition, the license allows it to provide advice on investment strategies, risk management and regulatory compliance, the report indicates.
Joshua Chu, lawyer and co -president of the Hong Kong Web3 associationis cited as saying that “by obtaining this license, CMBI gains regulated access to the dynamic market of dynamic cryptography of Hong Kong.” That said, the company “must operate within strict limits which prevent direct participation of the continent, reflecting the delicate balance of innovation and legal constraints”.
Meanwhile, the report has highlighted the increased interests of the continent’s brokers in international operations and aims to bring global investors to obtain virtual asset licenses in Hong Kong.
According to the SCMP, the brokers of the authorized continent can create omnibus accounts on the authorized crypto trading platforms of Hong Kong. These are consolidated accounts when an intermediary, such as a brokerage company or a goalkeeper, joins the assets of several customers in a single account. This allows users to access major parts and stablecoins.
Hong Kong deals with license requests of more than 40 companies before its new Stablecoin regulation, according to a report published by Yicai. The regulations, under the Stable Bill, will come into force on August 1, when the Hong Kong Monetary Authority (HKMA) will begin to accept formal applications. Large companies align themselves for Stablecoin license companies which have publicly declared their intention to apply, in particular JD.com, Ant Group, Standard Chartered and Circle. Several law firms …
“Try to build Hong Kong in the first world center”
There are several key factors that have merged to contribute to the growing presence of Hong Kong as a digital active center on the world scene.
One is certainly the growing adoption of these assets by traditional financial institutions (tradfi). In addition, the cryptography sector becomes common and merges with the technological and tradfi industries.
In addition, in recent years, Hong Kong has actively worked on the progression of virtual asset plans, molding in crypto-hub.
In particular, continental China supports these efforts. But – a big but – the services that CMBI can now offer to Hong Kong remains prohibited on the continent.
In addition, at the end of June, the Financial services and Treasury Bureau (FSTB) and the SFC launched a joint public consultation on the legislative proposals for the establishment of license regime for providers of digital asset services and guards. It will last until August 29.
FSTB secretary Christopher Hui said that the government “endeavors to make Hong Kong in a leading world center” for digital assets.
Meanwhile, the new ordinance of the city’s stablecoin will take effect on August 1, when Hong Kong Monetary Authority (HKMA) will begin to accept formal applications. The government says it is processing license applications for more than 40 companies.
Hong Hao economist, director of director of Lotus asset managementpredicted that the market value of stablecoins could exceed 1 billion of short -term dollars. “The stablecoins emitted in Hong Kong can be more stable than those in the United States,” said Hong, highlighting the city’s regulatory clarity and resources base.
Market players are increasingly interested in the space of digital assets, explains the financial secretary of the Special Administrative Region (SAR), Paul Chan Mo-Po. The digital asset market and the stablecoins will only maintain traction. Consequently, the region will continue to turn into an important center, attracting both Crypto and Tradfi players. According to Govhk, Chan has been a financial secretary since 2017. He is a former president of the Hong Kong Institute of Certified …
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