On Monday CMB International Securities, the Hong Kong subsidiary of China Merchants Bank, said it received a virtual asset license from the Securities and Futures Commission (SFC), which will make it the first Chinese banking subsidiary to get involved with cryptocurrencies. China Merchants Bank is the seventh largest bank on the mainland. While it is listed on the Shanghai and Hong Kong stock exchanges, the state owns a 43.48% stake.
The securities firm says it plans to explore the inclusion of crypto in diversified portfolios and will enable qualified investors to invest in cryptocurrencies alongside their stocks.
With cryptocurrency activities largely banned on mainland China, it is using Hong Kong as a digital asset bridge. Last month there were reports that China was using Hong Kong to sell cryptocurrency it has seized from criminals.
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