Odaily Planet Daily News Sources revealed that many local brokerages in Hong Kong (such as Shengli Securities, Aide Securities, etc.) 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 compliant crypto trading service.
The business carried out by the above-mentioned brokerages is a "distribution" trading service, not a proprietary exchange model. It mainly provides compliant trading channels for mainstream currencies such as BTC and ETH by setting up an omnibus account in a licensed exchange, and does not involve high-risk altcoins. At present, the compliance requirements of these brokerages in terms of customer due diligence, suitability management and investor education are basically the same as those of Guotai Junan International, and all prohibit residents of mainland China from participating. (Yicai)