Hong Kong Virtual Asset Trading Service License Attracts Market Follow

Recently, Guotai Junan International announced that it has obtained a virtual asset license in Hong Kong, which has sparked widespread attention in the market for this sector. Currently, there are only 4 listed companies holding relevant virtual asset licenses in Hong Kong, including OSL, Guotai Junan International, Futu Holdings, and Xiangshang Rongke. Among them, the Hong Kong-listed companies are mainly OSL and Guotai Junan International, while the US stock market includes Futu Holdings and Xiangshang Rongke.

Guotai Junan International has been approved to upgrade its "Class 1 Securities Trading License" to a license that allows the provision of virtual asset trading services. The scope of services includes providing direct virtual asset trading services, offering advice during the virtual asset trading service process, as well as issuing and distributing virtual asset-related products, including over-the-counter derivatives.

In fact, Guotai Junan International began introducing structured products based on virtual asset spot ETFs in the Hong Kong market as early as 2024 and was approved to carry out the introduction agency business for virtual asset trading platforms. In February 2025, the Hong Kong Securities and Futures Commission released the "A-S-P-I-Re" regulatory roadmap and announced that the stablecoin management regulations would be implemented in August. Guotai Junan's actions coincided perfectly with the pace of policy implementation and are seen as the practical realization of Hong Kong's "virtual asset international hub" strategy.

After the announcement, the stock price of Guotai Junan International surged significantly, driving the Hong Kong China Securities Broker Index up. In the A-share market, multiple brokerage stocks hit the daily limit, and the Wind Securities Index also saw a noticeable increase.

Although Guotai Junan International has become the first approved Chinese-funded brokerage, it is not the only institution laying out plans for virtual asset licenses. According to industry insiders, several local Hong Kong brokerages, including Victory Securities and Adamas Securities, have successively completed the upgrade application for License No. 1. Futu Holdings has also been continuously laying out in the virtual asset field since 2022.

The market has attributed a "national-level strategic pilot" narrative to Guotai Junan International's virtual asset layout, believing that it may enjoy first-mover advantages in terms of policy, funding, and resource acquisition. As the first Chinese-funded brokerage approved to provide comprehensive virtual asset services, Guotai Junan International symbolizes a "pathfinder" under the regulatory structure, thereby generating a scarcity premium in the market.

From the perspective of Guotai Junan International's layout, its compliance path is to enter the virtual asset market as a traditional brokerage by upgrading licenses and relying on local regulatory channels. Many brokerages adopt a similar model and strictly limit the client base, such as requiring clients to have Hong Kong or overseas identities and not accepting mainland residents for trading.

However, this business model also carries potential risks. If the compliant exchange expands its proprietary business in the future, or encounters technical failures or compliance disputes, its highly integrated partnership structure with brokers will make it difficult to isolate and independently control risk exposure.

The current regulatory system design in Hong Kong ensures compliance while also suppressing market competition to a certain extent. Currently, the number of compliant trading platforms available is limited, resulting in overall insufficient liquidity and a certain gap in trading prices compared to mainstream markets in Europe and the United States.

Nevertheless, the approval of the Hong Kong virtual asset trading service license for the Chinese brokerage firm Guotai Junan International is still an important step towards the integration of traditional brokerage business with blockchain technology. This event indicates that Hong Kong is striving to build a digital asset financial ecosystem that combines compliance and vitality under a strict regulatory framework. The market is also beginning to layout around "compliant virtual assets + financial infrastructure," such as stablecoins, tokenized bonds, and blockchain transformation brokerages.

Hong Kong is trying to leverage regulatory advantages to promote financial innovation and regain its former voice as a financial center. The implementation of the "Stablecoin Regulation" in May and the new licensing regulations in August are further reserving regulatory space for offshore stablecoins. The approval by Guotai Junan allows licensed financial institutions and exchanges to become breeding grounds for incubating stablecoin distribution channels, and Hong Kong's over 1 trillion yuan offshore renminbi stock can also provide a liquidity base for stablecoins.

However, for ordinary investors in the mainland, participating in the cryptocurrency services offered in Hong Kong still faces many restrictions. Investors need to have a legal Hong Kong account and their source of funds and identity background must meet the regulatory standards for overseas compliant funds. In the future, qualified investors from the mainland may be allowed to participate in virtual asset investments through regulatory-approved methods, but this still requires further policy support and improvements in the regulatory framework.