CMB International Launches Officially Licensed Cryptocurrency Exchange in Hong Kong
CMB International, a subsidiary of China Merchants Bank, launched a licensed cryptocurrency exchange in Hong Kong on August 18.
Key points include:
- The exchange operates in compliance with regulations set by the Hong Kong Securities and Futures Commission.
- CMB International provides trading services for virtual assets including Bitcoin, Ethereum, and Tether.
- Services are available through the CMB International mobile app, limited to Hong Kong due to mainland China's cryptocurrency ban.
- CMB International holds licenses under the Securities and Futures Ordinance and Stablecoin Ordinance.
- Other financial institutions in Hong Kong like ZA Bank, Mox Bank, and HSBC have also entered the cryptocurrency market.
- China Merchants Bank ranks among the top 25 global banks, managing over $18 billion in assets.
- The People's Bank of China is exploring stablecoin use for cross-border payments despite an ongoing blanket cryptocurrency ban outside Hong Kong.