Mainland financial players eye HK virtual asset chances

Chinese mainland brokerages with international operations are ramping up efforts to secure virtual asset trading licenses from Hong Kong's securities regulator, with the aim of capitalizing on the city's push to become a global innovation hub for digital assets and serving more international investors.

Industry insiders told China Daily that this trend would enhance liquidity of the special administrative region's financial markets and channel mainland capital into global virtual asset markets through Hong Kong, while also accelerating the alignment of mainland's financial regulations with international standards.

Guotai Junan International, a subsidiary of Shanghai-based Guotai Haitong, recently received a greenlight from the Hong Kong Securities and Futures Commission (SFC) to upgrade its Type 1 license for dealing in securities, which allows the firm to offer virtual asset trading services and related advisory services.