A subsidiary of China Merchants Bank (CMB), CMB International Securities, has launched a cryptocurrency exchange in Hong Kong, marking a significant step in the integration of traditional finance and digital assets. The exchange provides virtual asset trading services, allowing eligible investors to trade Bitcoin (BTC), Ether (ETH), and Tether (USDT) around the clock.

CMB International Securities secured approval from the Hong Kong Securities and Futures Commission (SFC) in mid-July for a virtual asset service provider license, paving the way for the launch. This makes CMB International Securities the first Chinese bank-affiliated broker in Hong Kong to obtain licenses related to virtual asset trading services. The platform operates under strict compliance with Hong Kong's Securities and Futures Ordinance and the new Stablecoin Ordinance that took effect on August 1, 2025.

The crypto exchange is accessible through an integrated mobile application, requiring Know Your Customer (KYC) and Anti-Money Laundering (AML) verification. To use the service, investors must open both a cash account with CMB International Securities and a dedicated virtual asset trading account. Initially, only professional investors are eligible to use the crypto trading services.

To ensure security and regulatory compliance, CMB International's trading platform employs various mechanisms, including cold storage wallets, real-time risk monitoring, and third-party audits. This aligns with the requirements outlined by the Hong Kong regulator for licensed virtual asset service providers. The platform also has a technical partnership with OKX Planet to provide trading engines and liquidity support for high-concurrency scenarios.

The launch of the crypto exchange by CMB International Securities is viewed as a crucial step in Hong Kong's ambition to become a global virtual asset hub. Hong Kong operates under its own rules within China's "one country, two systems" policy, allowing it to pursue developments in the crypto space that are not permitted in mainland China, where crypto trading has been banned since 2017.

The move by CMB International Securities also reflects a growing trend of financial institutions embracing blockchain and digital assets. The company plans to further integrate traditional stock trading with digital assets and fintech applications. CMB International's integrated account model allows simultaneous investment in virtual assets alongside traditional securities, targeting institutional investors seeking comprehensive asset allocation solutions. The firm also intends to collaborate with public blockchains like Solana to issue tokenized money.

Hong Kong's Financial Secretary, Paul Chan, has expressed confidence that Hong Kong will become the world's number one cross-border asset management center within a few years. He highlighted the completion of stablecoin legislation, making Hong Kong one of the first jurisdictions to establish a statutory regulatory framework for stablecoins.