China Merchants Banks Brokerage Arm Secures Hong Kong Virtual Assets License: Report

China Merchants Bank's brokerage division, CMBI, has received a license in Hong Kong to offer virtual asset services. This license, granted by Hong Kong's Securities and Futures Commission, permits CMBI to provide crypto trading, custody, and advisory services. While this allows CMBI to operate in Hong Kong's crypto market, it cannot offer these services in mainland China due to existing regulations. China banned crypto trading and mining in 2021. Hong Kong has taken a different approach and is working to regulate the virtual assets industry. They are expected to allow stablecoin issuers licenses from August 1. There are over 40 firms seeking stablecoin licenses.