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国泰君安国际获香港虚拟资产交易牌照

国泰君安国际暴涨近2倍 中资券商首获香港虚拟资产交易牌照

On June 24, 2025, Guotai Junan International Holdings Limited (“Guotai Junan International”) made history by becoming the first Chinese-funded securities firm in Hong Kong to receive full regulatory approval for comprehensive virtual asset trading services. This milestone allows clients to directly trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, through its regulated platform.

The announcement triggered an immediate and powerful response in financial markets. Guotai Junan International’s stock surged over 100% during early trading and closed up nearly 200%, marking its highest level in a decade. The momentum spilled over into broader markets—Hong Kong’s brokerage sector rallied sharply, while A-share stocks tied to stablecoin concepts also rebounded strongly after recent weakness.

👉 Discover how traditional finance is integrating crypto with secure, compliant platforms.

A New Era for Chinese-Funded Brokers in Virtual Assets

According to an official post from Guotai Junan International's public account 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 it to:

This regulatory green light positions Guotai Junan International as a pioneer among mainland-affiliated brokers, offering end-to-end digital asset services under strict compliance frameworks.

As a leading international arm of Guotai Junan Financial Holdings, the firm was the first Chinese securities company to go public on the Hong Kong Stock Exchange. Its core business lines include wealth management, brokerage, investment banking, lending, asset management, and structured financial products.

Its early mover advantage in digital finance laid the foundation for this breakthrough. In 2024, it launched Hong Kong’s first structured products based on spot virtual asset ETFs and received SFC approval for referral agency services linking clients to licensed crypto exchanges. In early 2025, it gained authorization to distribute tokenized securities and initiated digital bond issuance—further expanding its digital finance ecosystem.

Now, with full virtual asset trading capabilities, Guotai Junan International completes a vertically integrated service chain across traditional and digital finance.

Looking ahead, the company stated it will deepen its integration of fintech and virtual assets, aiming to enhance product innovation and investor protection while supporting Hong Kong’s vision of becoming a global hub for virtual asset innovation.

Market Reaction: Brokerage Stocks Surge Amid Crypto Frenzy

The market reaction was explosive. On June 25, Hong Kong-listed brokerage firms rallied across the board. Guotai Junan International opened more than 100% higher and maintained strong momentum throughout the day, ultimately closing at a staggering 198% gain—the top performer in the sector.

Other notable gains included:

In mainland China’s A-share market, previously underperforming stablecoin-related stocks reversed course. Key players saw sharp rebounds:

This surge reflects growing investor confidence in the convergence of traditional finance and regulated digital assets.

How Virtual Asset Regulation Works in Hong Kong

Under Hong Kong’s current regulatory framework, financial institutions must meet specific licensing requirements to engage in virtual asset activities. The SFC classifies key participants into four main categories:

1. Virtual Asset Trading Platforms (VATPs)
Operators need a VASP (Virtual Asset Service Provider) license, typically supported by Type 1 (Securities Dealing) and Type 7 (Automated Trading Services) licenses. If they hold client funds, a Type 9 (Asset Management) license is required. Some may also require Type 4 (Advisory) licensing.

2. Stablecoin Issuers
Must obtain dedicated stablecoin issuance licenses. Custodians must be recognized banks, with strict capital adequacy and risk management standards.

3. Virtual Asset Funds & Managers
Require SFC authorization and compliance with enhanced disclosure rules. Fund offerings are limited to professional investors only under upgraded Type 9 licensing.

4. Virtual Asset Trading Intermediaries
Only firms holding a Type 1 license can offer trading services for security-like virtual assets. These intermediaries must partner with SFC-licensed VATPs and cannot allow direct fiat deposits or withdrawals from client accounts.

As of now, 11 virtual asset trading platforms have received full SFC approval to operate legally in Hong Kong.

Guotai Junan International is believed to be partnering with HashKey Exchange—one of Hong Kong’s largest licensed crypto platforms—for custody, clearing, and settlement infrastructure.

Industry Shake-Up: Collaboration and Competition Ahead

While local brokers like Tiger Brokers, Futu (Moomoo), Interactive Brokers, and Victory Securities entered the crypto space earlier, the entry of major Chinese-funded institutions marks a turning point.

Traditional brokers bring massive client bases, robust compliance systems, and trusted brand reputations—posing competitive pressure on standalone crypto exchanges. However, collaboration remains mutually beneficial.

Zhu Zhenyu, Sales Director at HashKey Exchange, noted that several top-tier Chinese brokers have already upgraded their licenses and completed system integration. Through omnibus brokerage models, HashKey enables these firms to offer seamless deposit, withdrawal, and trading functions for their clients.

“More than ten leading mainland brokers are actively preparing,” Zhu said. “We’re seeing increasing demand for institutional-grade access to digital assets.”

👉 Learn how secure trading platforms are shaping the future of finance.

The Broader Trend: Mainland Brokers Racing Into Crypto

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

At least three major Chinese brokerages are evaluating similar moves:

However, adoption speed varies significantly across institutions.

Mid-sized and smaller brokers face challenges due to limited international presence, stricter risk controls, or regulatory caution. Some admit they have no current plans for overseas securities operations—let alone crypto expansion.

Still, CITIC Securities’ research highlights multiple revenue opportunities across the virtual asset value chain:

For retail investors, this shift means easier, safer access to crypto markets—no need to register on standalone exchanges. Instead, users can trade Bitcoin or stablecoins directly within familiar brokerage apps.

Nankai University’s Financial Development Research Institute Director Tian Lihua emphasized: “Traditional brokers entering crypto signals full institutional acceptance. Investors gain professional advice, risk tools like OTC derivatives, and better protection—reducing speculative behavior and advancing market maturity.”

👉 See how regulated platforms are transforming digital asset investing.

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Frequently Asked Questions (FAQ)

Q: What does Guotai Junan International’s new license allow?
A: It upgrades their Type 1 license to permit cryptocurrency trading (e.g., Bitcoin, Ethereum), stablecoin services (e.g., USDT), investment advice on digital assets, and distribution of related financial products like OTC derivatives—all under SFC supervision.

Q: Can retail investors now trade crypto through Guotai Junan International?
A: Yes, but initially likely limited to professional investors due to compliance requirements. Full retail access may follow pending further regulatory approvals and internal risk assessments.

Q: Is this the first time a Chinese-funded broker has entered crypto in Hong Kong?
A: Yes—Guotai Junan International is the first fully licensed Chinese-funded securities firm authorized to offer comprehensive virtual asset trading services in Hong Kong.

Q: How does this affect existing crypto exchanges like HashKey or OSL?
A: While traditional brokers may divert user traffic from direct exchange use, most are partnering with licensed platforms for backend infrastructure. This creates symbiotic relationships rather than pure competition.

Q: Will other major Chinese brokers follow suit?
A: Yes—CITIC Securities, Hai Tong International, and others are actively assessing similar upgrades. Analysts expect multiple new entrants within 1–2 years.

Q: Does this mean crypto is now fully legal in Hong Kong?
A: Not entirely—but regulated participation is permitted. Only SFC-approved platforms and intermediaries can offer virtual asset services to professional or qualified investors under strict safeguards.