国泰君安国际成首家“持牌炒币”中资券商，背后藏着什么机会？

In a landmark move that could reshape the landscape of digital finance in Asia, Guotai Junan International has become the first Chinese-funded securities firm in Hong Kong approved to offer comprehensive virtual asset trading services. This regulatory green light from the Securities and Futures Commission (SFC) of Hong Kong marks a pivotal moment for traditional financial institutions entering the crypto economy — and opens new doors for investors seeking regulated exposure to digital assets.

A New Era for Traditional Finance and Crypto Integration

On June 24, Guotai Junan International (stock code: 01788.HK) announced it had successfully upgraded its existing securities trading license to include virtual asset services. The new authorization allows the firm to:

• Provide virtual asset trading services
• Offer investment advice related to virtual assets
• Issue and distribute virtual asset-linked products, including over-the-counter derivatives

👉 Discover how this breakthrough is changing the future of digital investing.

This means clients will soon be able to trade major cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like Tether (USDT) directly through Guotai Junan International’s platform — all under full regulatory oversight.

The approval positions Guotai Junan at the forefront of financial innovation in Hong Kong, setting a precedent for other mainland-backed brokers eyeing the fast-growing digital asset market.

Strategic Moves Paving the Way

Guotai Junan International didn’t reach this milestone overnight. Its success stems from years of strategic investment in digital finance infrastructure:

• In 2024, it launched Hong Kong’s first structured product based on spot Bitcoin and Ethereum ETFs.
• It became an introducing agent for virtual asset exchange platforms.
• In early 2025, it received approval to distribute tokenized securities and began issuing digital bonds.

These incremental steps demonstrate a clear long-term vision: integrating blockchain-based financial instruments into mainstream wealth management and institutional trading.

Broader Industry Impact: Ripple Effects Across Markets

The announcement sent shockwaves across capital markets. On June 26, despite volatile price action wiping out intraday gains, investor enthusiasm remained high. More telling was the rally in digital currency-related stocks:

• Jida Zhengyuan surged with four consecutive涨停 (limit-up days)
• Gier Software hit the daily trading cap
• Jingbei North and Hundsun Electronics climbed over 7%

This market reaction reflects growing confidence in the convergence of traditional finance and Web3 technologies.

According to SFC data, 40 institutions are now authorized to offer virtual asset trading via integrated accounts. Alongside Guotai Junan International, other approved players include TF International (a subsidiary of Tianfeng Securities), Interactive Brokers, China Futures International, and ZA Bank.

Notably, several major Chinese brokers are close behind. Huatai International and CITIC Securities International are actively applying for similar upgrades. Analysts expect 1–2 years for more mid- and large-sized brokers to join the regulated crypto ecosystem.

Who Might Be Their Exchange Partner?

While Guotai Junan hasn’t officially named its crypto exchange partner, industry speculation points strongly toward HashKey Exchange — one of only 11 SFC-licensed virtual asset trading platforms in Hong Kong.

Zhu Zhenyu, Sales Director at HashKey, confirmed they’ve already partnered with several leading Chinese securities firms and plan to expand collaborations with traditional financial institutions. Given HashKey’s compliance-first model and institutional-grade infrastructure, a partnership would be a natural fit.

👉 See how leading financial platforms are integrating blockchain technology today.

Why Stablecoins Are the Hidden Catalyst

Beyond Bitcoin and Ethereum, stablecoins are emerging as a critical driver of institutional adoption.

Recent developments highlight their rising importance:

• Circle, issuer of USDC, saw strong performance after listing on the NYSE
• The U.S. Senate passed a bipartisan stablecoin regulation bill
• Global giants like Walmart and Amazon are exploring proprietary stablecoin projects

Meanwhile, Hong Kong is positioning itself as a global hub for virtual assets, with stablecoins playing a central role. On June 6, the Hong Kong government announced the Stablecoin Ordinance will take effect on August 1, 2025, requiring any entity issuing fiat-backed or HKD-pegged stablecoins to obtain a license.

This regulatory clarity gives Hong Kong a competitive edge in attracting blockchain innovators and financial institutions alike.

The Bigger Picture: From Trading Desks to Financial Infrastructure

Analysts believe Hong Kong’s unique position as a gateway between global markets, the RMB offshore system, and the Belt and Road Initiative makes it ideal for building next-generation payment infrastructure using stablecoins.

As noted by CITIC Securities Research, traditional financial institutions are no longer just passive observers — they’re becoming active participants in the tokenized economy. Brokers like Guotai Junan can evolve from mere transaction facilitators into asset tokenization engines and cross-border clearing hubs.

This transformation could significantly enhance valuations for forward-thinking financial firms that embrace digital assets early.

Core Keywords Driving Visibility

The key themes shaping this narrative — and crucial for search visibility — include:
virtual asset trading, Hong Kong SFC license, stablecoin regulation, Bitcoin ETF, tokenized securities, digital finance, crypto brokerage, and institutional crypto adoption.

These terms naturally appear throughout the evolving regulatory and market discourse, reflecting strong user search intent around compliance, investment opportunities, and fintech innovation.

Frequently Asked Questions

Q: What does Guotai Junan International’s new license allow them to do?
A: They can now offer clients direct access to trade cryptocurrencies like Bitcoin and Ethereum, provide investment advice on digital assets, and issue or distribute virtual asset-linked financial products such as OTC derivatives and structured notes.

Q: Is Guotai Junan the first Chinese broker with a crypto license in Hong Kong?
A: Yes — it is the first Chinese-funded securities firm in Hong Kong approved to provide full-scale virtual asset trading services under SFC regulations.

Q: When will clients be able to start trading crypto through Guotai Junan?
A: While no official launch date has been announced, services are expected to roll out in phases starting late 2025, following platform integration and compliance testing.

Q: Could other major brokers follow suit?
A: Absolutely. Firms like Huatai International, CMBI, and Haitong International are actively exploring similar upgrades. Regulatory momentum suggests widespread adoption within 1–2 years.

Q: Why are stablecoins so important in this development?
A: Stablecoins bridge traditional finance with blockchain networks. With Hong Kong’s upcoming Stablecoin Ordinance in 2025, licensed issuance of HKD-pegged tokens could revolutionize cross-border payments and institutional settlement.

Q: Are there risks involved in broker-led crypto trading?
A: While regulated platforms reduce counterparty and fraud risks, market volatility remains high. Investors should assess their risk tolerance and understand that digital assets are speculative in nature.

👉 Stay ahead of the curve — explore how regulated crypto access is transforming global investing.

As Hong Kong accelerates its ambitions to become a world-leading virtual asset center, moves like Guotai Junan International’s licensing signal a broader shift: the wall between legacy finance and decentralized digital economies is beginning to fall. For investors, institutions, and innovators alike, the opportunity is no longer hypothetical — it’s live.