CMB International Securities Limited, a subsidiary of China Merchants Bank, has launched a cryptocurrency exchange in Hong Kong, offering virtual asset trading services for eligible investors. The bank’s ordinary class A shares have a market capitalization of $153.16 billion, managing over $1.7 trillion in assets as of March. China still bans crypto trading, but Hong Kong operates under different rules, emerging as a local crypto hub.

The Hong Kong Monetary Authority recently finalized a regulatory framework for stablecoin issuers, leading to double-digit losses for companies as requirements proved more stringent than expected. The new Stablecoin Ordinance criminalizes unlicensed fiat-referenced stablecoins to retail investors, increasing the risk of fraud. The Hong Kong Securities and Futures Commission issued guidance on cryptocurrency custody standards, banning smart contracts in cold wallet implementations.

Read more at Cointelegraph: CMB Subsidiary Launches Crypto Exchange in Hong Kong