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China Merchants Bank's (CMBI) brokerage limb has attained a virtual assets licence from Hong Kong, becoming the archetypal Mainland China broker to bash so, South China Morning Post (SCMP) said.
The license, which was issued connected Monday by the Hong Kong’s Securities and Futures Commission, volition let the lender’s brokerage limb to connection crypto plus trading, custody and advisory services, the quality outlet reported.
However, though the licence grants the institution entree to Hong Kong, CMBI volition not beryllium capable to behaviour crypto concern successful mainland China, a lawyer told SCMP.
“By securing this license, CMBI gains regulated entree to Hong Kong’s dynamic crypto market, yet it indispensable run wrong strict boundaries that forestall nonstop mainland participation, reflecting the delicate equilibrium of innovation and ineligible constraint,” Joshua Chu, a lawyer and co-chair of the Hong Kong Web3 Association told SCMP.
China banned crypto trading and mining successful 2021, and soon aft Hong Kong opened its doors to crypto companies. Hong Kong said it was "ready to engage" with the manufacture successful 2022. In December, it granted licenses to 4 crypto exchanges, and successful May passed a instrumentality allowing it to license stablecoin issuers from Aug. 1. Already implicit 40 firms are preparing for the stablecoin license.
CoinDesk reached retired to China Merchants Bank and Hong Kong’s Securities and Futures Commission for a comment.
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