BlockBeats News, September 24th. Caixin revealed in an article that various institutions have been required to scale back their cryptocurrency operations in Hong Kong, pointing out that internet platforms, Chinese securities firms, Chinese banks, and other institutions in Hong Kong have all been asked to temporarily suspend various cryptocurrency-related businesses, including investment, trading, RWA issuance, stablecoins, etc. In particular, securities firms that have obtained the “provision of virtual asset trading services” qualification have become a key focus because their clients can directly trade Bitcoin, Ethereum, Tether, etc., in their accounts. From an asset perspective, Hong Kong categorizes virtual assets into securities-type virtual assets and non-securities-type virtual assets.
It is reported that the “Treasuries Management Company” model will be restricted. The model of leveraging investments in cryptocurrency assets using the “Treasuries Management Company” model, which was adopted during this round of virtual currency innovation frenzy, has been quickly replicated. Many Chinese enterprises listed on the Hong Kong Stock Exchange and the U.S. stock market have announced the purchase of Bitcoin, Ethereum, and other cryptocurrency assets, hoping to profit from both stock and coin prices. However, this model is now highly likely to be restricted.
