ChainCatcher reports that, according to Jinshi data, industry insiders directly involved in virtual asset license applications and system docking revealed that multiple local Hong Kong brokers (such as Victory Securities (08540.HK) and AETOS Securities) have completed the Tier 1 license upgrade. Guotai Junan International is not the only Chinese securities firm applying for a license, and more institutions may enter the market in the future.
Brokers are primarily conducting "distribution" type trading services, rather than operating their own exchanges. Specifically, their model involves establishing an Omnibus Account within a licensed exchange, accessing the trading system to provide clients with buying and selling channels for mainstream compliant cryptocurrencies like BTC and ETH, without involving high-risk Altcoins or worthless tokens. Currently, these local brokers have launched similar distribution services, maintaining compliance requirements for customer due diligence (KYC), appropriateness management, and investor education similar to Guotai Junan International, and all prohibit mainland Chinese residents from participating in trading.
