Key Points
- Guotai Junan International (国泰君安国际) became the first Chinese-funded brokerage in Hong Kong to receive a full license from the SFC for virtual asset trading and advisory services, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
- Following the news, Guotai Junan International’s stock skyrocketed by nearly 200% on June 25, prompting significant gains across the Hong Kong Chinese-funded Brokerage Index (+11.75%) and other relevant A-share brokerage stocks.
- As of June 24, 2025, 40 institutions (38 brokerages, 1 bank, 1 internet company) are licensed by the Hong Kong SFC for virtual asset trading services, including major players like Futu Securities (Hong Kong) and ZA Bank (众安银行).
- ZA Bank stands out as the first licensed bank in Asia to offer crypto trading to retail investors, though with initial limitations like no external transfers and support only for BTC, ETH, AVAX, and LINK.
- Hong Kong is developing a comprehensive regulatory framework with the SFC’s “A-S-P-I-Re” roadmap and has 11 officially licensed virtual asset trading platforms, signaling its strong ambition to be a global virtual asset hub.
Hong Kong’s new era of virtual asset trading is officially in hyperdrive, and the market is reacting in a big way.
The latest bombshell? Guotai Junan International Holdings Limited (Guotai Junan International 国泰君安国际) just got the green light from Hong Kong’s Securities and Futures Commission (SFC).
They’ve upgraded their license, making them the first Chinese-funded brokerage in the city to offer a full suite of virtual asset trading and advisory services.
This isn’t just another headline—it’s a seismic shift that sent shockwaves through the market.
The Spark: One License Upgrade Ignites the Market
So, what exactly did Guotai Junan International get?
On June 24, the SFC approved an upgrade to their Type 1 (securities dealing) license.
This means investors can now hop onto the Guotai Junan International platform and directly trade crypto heavy-hitters like Bitcoin (BTC) and Ethereum (ETH), plus stablecoins like Tether (USDT).
But it’s more than just basic trading. The company now offers a complete ecosystem:
- Direct Virtual Asset Trading: Buy and sell crypto.
- Advisory Services: Get guidance on your crypto trades.
- Product Suite: Access to virtual asset-related products, including over-the-counter (OTC) derivatives.
This wasn’t an overnight move. Guotai Junan International has been playing the long game.
- 2024: They pioneered structured products linked to virtual asset spot ETFs.
- First Half of 2025: They got the nod to distribute tokenized securities and launched digital bond issuance services.
This latest license is the final piece of the puzzle, completing their digital asset strategy.
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The Market Goes Ballistic: A 200% Stock Surge
The news dropped, and the market went wild.
On June 25, Guotai Junan International’s stock skyrocketed by nearly 200%.
The ripple effect was immediate:
- The Hong Kong Chinese-funded Brokerage Index shot up 11.75% in a single day.
- Over in the A-share market, brokerage stocks like Tianfeng Securities (Tianfeng Zhengquan 天风证券) hit their daily trading limit.
- East Money (Dongfang Caifu 东方财富) climbed over 10%.
- The Wind Brokerage Index rose 5.52% for the day.
Analysts are pointing to a perfect storm: the coveted virtual asset licenses, a hot market for stablecoins, and a rapidly maturing service ecosystem in Hong Kong.
Brokerages that got in early, especially tech-savvy internet brokers, are reaping the rewards.
Who’s in the Club? The 40 Institutions Now Licensed for Crypto Trading
Guotai Junan International isn’t alone. They’re part of a growing class of institutions cleared for takeoff.
As of June 24, 2025, the Hong Kong SFC has given the thumbs-up to a total of 40 institutions to provide virtual asset trading services through omnibus accounts.
This group is a mix of 38 brokerages, 1 bank, and 1 internet company.
Here are some of the heavy hitters that are now in the game:
- Guotai Junan International (Guotai Junan Guoji 国泰君安国际)
- Tianfeng International (Tianfeng Guoji 天风国际)
- Hafu Securities (Hafu Zhengquan 哈富证券) under East Money
- Futu Securities (Hong Kong) (Futu Zhengquan 香港)
- Interactive Brokers (Yingtou Zhengquan 盈透证券)
- China Futures Co. (Zhongguo Zhongqi Zhengquan 中国中期证券)
- ZA Bank (Zhong An Yinhang 众安银行)
And more are on the way. Sources say major players like Huatai International (Huatai Guoji 华泰国际) and China Merchants Securities International (Zhaoshang Zhengquan Guoji 招商证券国际) are actively working on their license upgrades.
A Closer Look: The Players and the Rulebook
ZA Bank: Asia’s First Licensed Crypto Bank for Retail
ZA Bank stands out as the first licensed bank in Asia to offer crypto trading to retail investors.
To make a splash, they launched with a promo offering 0% commission for 90 days and 24/7 trading.
But there are a few catches for now:
- No external transfers: You can’t move crypto in or out of your ZA Bank crypto account yet.
- Hong Kong only: Services are currently limited to the Hong Kong SAR.
- Limited coins: Trading is supported for BTC, ETH, AVAX, and LINK.
The SFC’s “A-S-P-I-Re” Roadmap for Virtual Assets
Hong Kong isn’t just opening the floodgates; they’re building a sophisticated regulatory framework.
In February 2025, the SFC rolled out its “A-S-P-I-Re” roadmap to guide the market’s growth. Here’s the breakdown:
- A (Access): Clarifying which platforms and institutions can legally operate.
- S (Safeguards): Ensuring investor assets are secure and risks are controlled.
- P (Products): Introducing diversified products like ETFs, tokenized assets, and futures.
- I (Infrastructure): Optimizing trading stability and cross-platform settlement.
- Re (Relationships): Strengthening ties with global markets and regulators.
- A (Access): Clarifying which platforms and institutions can legally operate.
- S (Safeguards): Ensuring investor assets are secure and risks are controlled.
- P (Products): Introducing diversified products like ETFs, tokenized assets, and futures.
- I (Infrastructure): Optimizing trading stability and cross-platform settlement.
- Re (Relationships): Strengthening ties with global markets and regulators.
The Full List: Licensed Platforms & Broader Upgrades
The SFC is crystal clear: only trade on licensed platforms.
As of June 24, 2025, there are 11 officially licensed virtual asset trading platforms in Hong Kong:
- OSL Digital Securities Limited
- Hash Blockchain Limited
- HKVAX Limited
- Hong Kong Digital Asset Exchange Group Limited
- Cloud Account Greater Bay Area Technology (Hong Kong) Limited
- DFX Labs Company Limited
- EXIO Limited
- Panthertrade (Hong Kong) Limited (a Futu Securities subsidiary)
- YAX (Hong Kong) Limited (a Tiger International subsidiary)
- Bullish HK Markets Limited
- Hong Kong BGE Limited
It’s worth noting the strong presence of internet brokerages, with Futu, Tiger, and a Sina-backed firm all having licensed subsidiaries.
The licensing wave extends beyond just trading:
- 37 institutions, including 平安证券香港 (Ping An Securities Hong Kong), upgraded their Type 4 licenses for advising on securities.
- 40 asset management firms upgraded their Type 9 licenses to manage portfolios with over 10% exposure to virtual assets.
The Next Wave: More Brokerages Are All In
This is just the beginning.
Brokerages like Huatai Securities International and China Merchants Securities International have confirmed they’re treating virtual assets as a core strategic direction.
They’re deep in the application process and expect to have news soon.
For investors, founders, and tech watchers, the message is clear: Hong Kong is making a serious, regulated play to become a global hub for virtual asset trading, and the race is on.
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