CMB's Brokerage Arm Secures Hong Kong Virtual Asset Licence

CMB International Securities (CMBI), the brokerage division of China Merchants Bank, has received a virtual asset licence from Hong Kong’s Securities and Futures Commission (SFC), marking a significant milestone for the regional digital assets landscape.

With the new license will make CMBI the first mainland-affiliated brokerage authorised to offer cryptocurrency trading in Hong Kong’s dynamic financial hub.

This landmark licence empowers CMBI to provide a comprehensive suite of services encompassing crypto trading, asset custody, and professional advisory.

Clients will benefit from guidance on investment strategies, risk management solutions, and regulatory compliance, positioning CMBI as a full-service partner for institutions and professional investors in Hong Kong’s evolving Web3 ecosystem.

According to industry expert Joshua Chu, co-chair of the Hong Kong Web3 Association, “by securing this licence, CMBI gains regulated access to Hong Kong’s dynamic crypto market.”

However, Chu also noted that regulatory constraints remain in effect: CMBI must prevent direct participation from mainland Chinese clients, illustrating the nuanced balance between regional innovation and legal limits.

China's Growing Interest In Hong Kong

CMBI’s achievement is set against a backdrop of mounting interest from other mainland Chinese brokers with international operations, many of whom are seeking to attract global investors by obtaining virtual asset licences in Hong Kong.

Authorised mainland institutions can create omnibus accounts—consolidating multiple client holdings—to access digital asset trading on Hong Kong’s eleven licensed crypto platforms.

This structure enables streamlined access to major cryptocurrencies and stablecoins for eligible users.

These developments come amid Hong Kong’s aggressive push to establish itself as a premier global center for digital assets.

The city’s regulatory authorities, including the Financial Services and the Treasury Bureau (FSTB) and the SFC, are advancing public consultations on new licensing regimes for digital asset dealers and custodians, with input open until August 29.

Meanwhile, the Hong Kong Monetary Authority’s (HKMA) new stablecoin regime—effective August 1—has already prompted more than 40 companies, including industry leaders like JD.com, Ant Group, Standard Chartered, and Circle, to signal their intentions to apply for licences.

Secretary for Financial Services and the Treasury, Christopher Hui, reaffirmed the government’s strategy: “Striving to build Hong Kong into a premier global hub” for digital assets and Web3 innovation.

Hong Kong Becoming Asia's Crypto Hub

Industry analysts trace Hong Kong’s ascent to accelerating adoption by traditional financial institutions, a mainstreaming of crypto assets, and ongoing collaborations between the tech and TradFi sectors.

Although mainland China has famously supported Hong Kong’s digital asset ambitions, services like those offered by CMBI remain prohibited within mainland China.

Economist Hong Hao, managing partner at Lotus Asset Management, has projected that the market value of stablecoins could surpass $1 trillion in the near term.

Hong argues that the stablecoins issued in Hong Kong may be more stable than those in the U.S, citing Hong Kong’s strong regulatory standards and resource-rich environment as critical differentiators.