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国泰君安国际获香港虚拟资产交易牌照 开启中资券商新篇章

On June 24, 2025, Guotai Junan International Holdings Limited made history by becoming the first mainland-backed securities firm in Hong Kong to receive full regulatory approval for comprehensive virtual asset trading services. This landmark development allows clients to directly trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, through its platform—marking a pivotal shift in the financial landscape of Asia.

👉 Discover how traditional finance is embracing crypto innovation today.

A Market on the Move: Immediate Impact on Stock Performance

The announcement triggered a powerful market reaction. Guotai Junan International’s stock surged over 100% during early trading and closed up nearly 198%, its highest level in nearly a decade. The rally extended beyond a single stock—Hong Kong-listed brokerages collectively gained momentum, while A-share stocks linked to stablecoin concepts saw renewed investor interest.

Notable performers included First Shanghai and Shenwan Hongyuan (Hong Kong), both rising over 30%, with more than ten other brokerage stocks climbing over 10%. On the mainland, shares such as Jingbei North (002987.SZ) shot up to daily limits, while Jida Zhengyuan (003029.SZ) achieved three consecutive trading-day highs. Companies including Newland Payment, Zhaori Technology, and Cuiwei Co. also posted double-digit gains.

This surge underscores growing investor confidence in the convergence of traditional finance and digital assets—a trend now accelerating under formal regulatory frameworks.

Full Regulatory Approval: What the License Means

According to an official announcement from Guotai Junan International on the evening of June 24, the company has successfully upgraded its existing Type 1 (dealing in securities) license with the Securities and Futures Commission (SFC) of Hong Kong. The enhanced license now permits:

As a result, clients can seamlessly access digital asset markets via a trusted, regulated financial institution—without needing to navigate standalone crypto exchanges.

Guotai Junan International is already a leader in cross-border financial services among Chinese brokers and was the first mainland-backed securities firm to go public on the Hong Kong Stock Exchange. Its core operations span wealth management, brokerage, investment banking, financing, asset management, and structured financial products.

Strategic Foresight: Building a Digital Finance Ecosystem

The firm’s early success stems from its proactive strategy in digital finance:

Now, with full virtual asset trading rights, Guotai Junan International has completed a vertically integrated service chain—positioning itself at the forefront of institutional crypto adoption in Greater China.

Looking ahead, the company stated it will deepen its integration of fintech and virtual assets, aiming to support Hong Kong's ambition to become a global hub for digital finance while delivering secure, compliant, and professional services to investors.

How Virtual Asset Regulation Works in Hong Kong

Under current Hong Kong regulations, financial institutions must operate within a clear licensing framework overseen by the SFC. The key categories relevant to virtual assets include:

1. Virtual Asset Trading Platforms (VATPs)

These require a VASP (Virtual Asset Service Provider) license, typically combined with:

Platforms that hold client assets must also meet custodial standards under Type 9 or partner with licensed custodians.

2. Stablecoin Issuers

Issuers must obtain specific authorization and comply with capital adequacy, reserve transparency, and redemption mechanisms. Custody must be handled by recognized banks.

3. Virtual Asset Funds & Management

Fund managers must be SFC-licensed and upgrade their Type 9 license. Such funds are restricted to professional investors only, with strict disclosure and risk controls.

4. Brokerage Services for Virtual Assets

Only intermediaries holding a Type 1 license may offer trading services for tokenized securities. However, they cannot allow direct fiat deposits or withdrawals—clients must route transactions through SFC-licensed virtual asset platforms.

To date, 11 virtual asset platforms have received formal approval from the SFC to operate in Hong Kong.

Industry sources suggest Guotai Junan International is partnering with HashKey Exchange, one of Hong Kong’s largest licensed crypto platforms. Through omnibus brokerage arrangements, HashKey enables seamless deposit and withdrawal functions for institutional clients.

Competitive Landscape: Shifting Dynamics Among Brokers

While international brokers like Tiger Brokers, Futu Securities, Interactive Brokers, and Victory Securities were early entrants into Hong Kong’s virtual asset market, Guotai Junan International’s breakthrough signals a turning point: mainland-backed institutions are now entering with full regulatory backing.

For established crypto-native exchanges like OSL Group and HashKey, this presents both competition and collaboration opportunities. Traditional brokers bring vast client bases and strong compliance infrastructure—potentially diverting traffic from independent exchanges. Yet under current rules, cooperation is essential.

Zhu Zhenyu, Sales Director at HashKey Exchange, noted that several top-tier mainland brokers have already upgraded their licenses and completed system integration. “We’re seeing increasing demand for omnibus solutions that let traditional brokers offer seamless crypto access,” he said.

👉 See how integrated financial platforms are reshaping investor access to digital assets.

The Road Ahead: Will More Chinese Brokers Follow?

Guotai Junan International’s move sets a precedent—and others are watching closely.

At CITIC Securities, officials confirmed ongoing preparations for virtual asset services. At Xinghua International, the offshore arm of Industrial Securities, internal discussions were held immediately after the news broke on June 25, with strategic options under review.

Meanwhile, Guolian & Minsheng stated its Hong Kong subsidiary is preparing application materials to pursue similar trading qualifications.

However, not all firms are rushing in. Mid-sized and smaller brokers cite high regulatory scrutiny and reputational sensitivity as barriers. Some admit they lack overseas operations entirely—let alone plans for crypto expansion.

According to a CITIC Securities research report, Chinese brokerages can engage across multiple segments of the virtual asset value chain:

For retail investors, broader broker participation means lower barriers to compliant crypto investing. Instead of managing separate exchange accounts with varying security levels, users can trade digital assets within familiar, regulated brokerage apps—enhancing safety and transparency.

FAQ: Understanding the Shift

Q: Can I now buy Bitcoin directly through my securities app?
A: Yes—if your broker has upgraded its license and partnered with an SFC-approved platform like HashKey or OSL. Guotai Junan International is the first mainland-backed broker to offer this service.

Q: Are these crypto trades fully regulated?
A: Absolutely. All transactions occur under Hong Kong SFC oversight, ensuring compliance with anti-money laundering (AML) rules, investor protection standards, and capital controls.

Q: Who qualifies as a professional investor for crypto funds?
A: Under SFC rules, individuals must have a portfolio of at least HK$8 million or prove sufficient experience in complex financial instruments.

Q: Is this similar to what happened in the U.S. or Europe?
A: Partially. While U.S. firms like Robinhood have offered crypto trading since 2018, Hong Kong’s approach integrates stricter custody requirements and limits retail exposure through controlled product rollouts.

Q: Will stablecoin usage grow in traditional finance?
A: Yes—especially for cross-border payments and yield-bearing products. With regulatory clarity, institutions are increasingly exploring USDT and other compliant stablecoins as settlement tools.

Final Outlook: Bridging Two Financial Worlds

The entry of Guotai Junan International into virtual asset trading represents more than a business expansion—it symbolizes the mainstreaming of digital assets within institutional finance.

As Professor Tian Lihua of Nankai University’s Institute of Financial Development observed: “Traditional brokers entering crypto brings legitimacy, risk controls, and diversified investment tools—helping shift markets from speculative retail dominance toward institutional maturity.”

👉 Explore next-generation financial platforms merging crypto and traditional investing.

With stronger regulation, growing infrastructure, and rising institutional adoption, Hong Kong is positioning itself as a bridge between Eastern capital and global digital finance innovation—a journey now well underway.