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国泰君安国际获香港虚拟资产交易牌照，中资券商布局新机遇

The financial world is witnessing a transformative shift as traditional institutions embrace digital innovation. On June 24, Guotai Junan International Holdings Limited (GTJA International) made history by becoming the first mainland Chinese securities firm based in Hong Kong to receive comprehensive approval from the Hong Kong Securities and Futures Commission (SFC) to offer full-spectrum virtual asset trading services. This landmark development marks a pivotal moment in the convergence of conventional finance and the rapidly evolving digital asset ecosystem.

Under the upgraded license, GTJA International can now provide clients with direct access to trade major cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether (USDT). The firm’s 1, 4, and 9 regulated activity licenses have been enhanced to include virtual asset trading, advisory services, and the issuance and distribution of virtual asset-related products—including over-the-counter derivatives.

👉 Discover how leading financial platforms are integrating crypto trading into mainstream investing.

A New Era for Chinese Financial Institutions

GTJA International’s strategic foresight in digital finance has positioned it at the forefront of this transformation. As the first IPO-listed Chinese securities company on the Hong Kong Stock Exchange, its core operations span wealth management, brokerage, investment banking, financing, asset management, and financial product innovation.

The firm’s journey into virtual assets began in 2024 when it launched structured products based on spot virtual asset ETFs—the first of its kind in Hong Kong. In early 2025, it secured SFC approval to distribute tokenized securities and initiated digital bond issuance, laying the foundation for its latest milestone.

Now, with full authorization to facilitate virtual asset transactions, GTJA International has completed a vertically integrated service chain in digital finance, setting a new benchmark for traditional financial institutions venturing into Web3.

Market reaction was immediate and explosive. On June 25, GTJA International’s stock surged over 100% intraday, closing up nearly 198%—its highest level in a decade. The rally extended across the sector, with First Shanghai and Shenwan Hongyuan Hong Kong gaining over 30%, and more than ten brokerages rising over 10%.

How Hong Kong’s Regulatory Framework Shapes the Market

Hong Kong’s progressive yet cautious regulatory approach has created a compliant environment for virtual asset innovation. Under current SFC guidelines, key players in the virtual asset ecosystem must operate under specific licensing categories:

Currently, 11 virtual asset platforms are officially licensed in Hong Kong, including HashKey Exchange and OSL, which are seen as central hubs in the region’s digital asset infrastructure.

GTJA International is reportedly partnering with HashKey Exchange, leveraging its omnibus brokerage model to enable seamless deposit, withdrawal, and trading functionalities for clients—all within a secure, regulated framework.

Industry-Wide Shift: Will Other Chinese Brokers Follow?

GTJA International’s breakthrough signals a potential inflection point for mainland Chinese financial firms. Analysts expect a wave of similar moves from top-tier institutions over the next 1–2 years.

However, adoption among mid-sized and smaller brokers remains cautious due to compliance complexity and reputational sensitivity. Some firms admit they lack international operations entirely, making crypto expansion unfeasible in the near term.

Despite hesitation, the long-term trend is clear: integration of virtual assets into traditional brokerage services is accelerating.

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Democratizing Access: What This Means for Investors

For retail investors, the entry of established brokers into virtual assets lowers barriers significantly. Instead of navigating standalone crypto exchanges—a process often fraught with security risks—clients can now access Bitcoin, Ethereum, and stablecoins directly through trusted securities apps.

This shift brings several advantages:

As Professor Tian Lihui, Dean of Nankai University’s Institute of Financial Development, notes:

"The participation of traditional brokers integrates virtual assets into the mainstream financial system. It reduces speculative behavior by introducing institutional oversight and diversified investment products."

Platforms like Futu (Moomoo) and Interactive Brokers have already partnered with HashKey and OSL since 2023–2024. Even Robinhood began offering crypto trading in the U.S. back in 2018—proving that integration is not only possible but increasingly expected.

Beyond Brokers: Broader Investment Opportunities in Hong Kong's Virtual Asset Ecosystem

While GTJA International leads the charge among Chinese brokers, other Hong Kong-listed firms are also positioning themselves in the digital asset value chain.

Key Players to Watch:

Beyond brokerage, sectors like payments, insurance, and blockchain infrastructure are joining the race:

Frequently Asked Questions (FAQ)

Q: What does GTJA International’s new license allow them to do?
A: They can now offer clients direct trading of cryptocurrencies (e.g., Bitcoin, Ethereum), stablecoins (e.g., USDT), advisory services, and structured virtual asset products—all under SFC regulation.

Q: Can all investors use these services?
A: While retail access is expected, certain products like tokenized securities or OTC derivatives may be restricted to professional investors per SFC rules.

Q: Is this move safe for investors?
A: Yes. Operating under strict SFC oversight ensures compliance, transparency, and robust risk controls—offering safer exposure compared to unregulated exchanges.

Q: Will other Chinese brokers follow soon?
A: Major firms like CITIC and Haitong are evaluating entry. Expect 3–5 more to launch services within 18 months.

Q: How does this affect Hong Kong’s status as a financial hub?
A: It strengthens Hong Kong’s position as Asia’s leading regulated crypto hub, attracting global capital and fostering fintech innovation.

Q: Are stablecoins legal in Hong Kong?
A: Yes. With the passage of the Stablecoin Ordinance, licensed issuers can operate legally under clear regulatory standards.

👉 Learn how global investors are capitalizing on regulated crypto markets today.

Conclusion: The Future of Finance Is Hybrid

GTJA International’s bold move isn’t just about one company—it’s a signal of systemic change. As traditional finance embraces blockchain-based assets, we’re entering an era where stocks, bonds, and digital currencies coexist seamlessly under unified platforms.

For investors, this means greater convenience, enhanced security, and broader opportunity. For institutions, it opens new revenue streams and competitive differentiation. And for Hong Kong, it reinforces its ambition to become a global leader in virtual asset innovation—regulated, responsible, and forward-looking.

The next chapter of finance isn’t replacing the old system—it’s integrating the new. And it’s already here.