Source: Many local Hong Kong securities firms have completed the No. 1 license upgrade, and more institutions may join in the future

Odaily News Sources revealed that many local brokerages in Hong Kong (such as Shengli Securities and Aide Securities) have completed the No. 1 license upgrade, and Guotai Junan International is not the only Chinese brokerage to apply for such a license. In the future, more institutions may enter the market for compliant crypto trading services.
The above-mentioned brokerage firms provide “distribution” trading services, not proprietary exchange models. They mainly provide compliant trading channels for mainstream currencies such as BTC and ETH by setting up omnibus accounts on licensed exchanges, and do not involve high-risk altcoins. Currently, the compliance requirements of these brokerage firms in terms of customer due diligence, suitability management, and investor education are basically the same as those of Guotai Junan International, and all prohibit mainland Chinese residents from participating. (Yicai Global)