CMB International Securities Launches Crypto Platform in Hong Kong Despite Mainland Bans
CMB International Securities, a subsidiary of China Merchants Bank, has launched a crypto exchange in Hong Kong.The move allows select investors to trade Bitcoin, Ethereum, adn USDT via a mobile app.
this development comes just weeks after Hong Kongās Securities and Futures Commission approved the license. It marks a significant step for an entity rooted in Chinaās customary banking sector.
hong Kong offers a different regulatory landscape compared to mainland China, where cryptocurrencies are banned. Here, state-backed firms can engage in digital assets under strict guidelines.
- Platform accessible only to āqualified investorsā.
- Mainland Chinese residents are excluded.
- Users must have a conventional cash account.
Qualified investors typically have significant investment portfolios or represent institutions. This setup keeps the door open for institutional players while filtering out casual retail investors.
Currently, trading options include Bitcoin, Ethereum, and USDT. Though, CMB hints at expanding its offerings gradually, though any additions need SFC approval.
This launch highlights the budding relationship between traditional finance and crypto.CMB aims to integrate digital assets with conventional services like stock trading and wealth management.
hong Kong is keen to become a regional crypto hub, establishing clear regulations for stablecoins and cracking down on unauthorized platforms. for CMB, navigating this space provides legitimacy but restricts radical innovation.
