CMB International Securities, a wholly-owned subsidiary of China Merchants Bank, has announced the launch of cryptocurrency trading services in Hong Kong, marking a significant milestone.
The firm claims to be the first Chinese bank-backed brokerage to open access to the crypto market for its clients, signaling a bold step into the digital asset space.
Through its mobile app, CMB International now offers 24/7 trading of Bitcoin, Ethereum, and Tether to users who have completed Know Your Customer (KYC) verification. The platform’s technical infrastructure benefits from a partnership with the cryptocurrency exchange OKX, which provides trading mechanisms and ensures liquidity support, enhancing the service’s reliability and efficiency.
As of 2024, CMB International manages assets exceeding 130 billion yuan ($18.1 billion), underscoring its substantial financial clout.
The company positions itself as a "pioneer," paving the way for other Chinese banks and brokers to enter the cryptocurrency sector. Industry observers expect several Chinese firms to roll out similar services within the coming year, potentially amplifying Hong Kong’s role as a crypto hub.
However, the move is geographically limited. Cryptocurrency trading remains strictly prohibited for residents of mainland China, where a nationwide ban has been in place since 2017. CMB International has emphasized that investors must adhere to territorial regulatory requirements, highlighting the delicate balance between Hong Kong’s progressive stance and mainland China’s restrictive policies.
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This development reflects Hong Kong’s ambition to establish itself as a global leader in virtual assets, leveraging its unique "one country, two systems" framework. While the initiative is a cautious foray into crypto, it underscores a growing acceptance of digital currencies among traditional financial institutions, albeit within a tightly regulated environment.
