Insiders: The current license upgrade is only a distribution attribute, not a brokerage's self-built cryptocurrency trading platform

ChainCatcher news, according to the Hong Kong Securities and Futures Commission, as of June 24, a total of 40 institutions have upgraded to License No. 1, which means upgrading the existing securities trading license to provide virtual asset trading services through a comprehensive account arrangement, including 38 brokerages, 1 bank, and 1 internet company.

Industry insiders pointed out that the No. 1 license (upgrade) obtained by Chinese-funded brokerages is only for distribution purposes; brokerages cannot build their own cryptocurrency trading platforms but will connect clients to existing cryptocurrency trading platforms.