Guotai Junan International’s stock experienced a remarkable 20% surge, culminating in a sevenfold increase over three days, driven by its recent acquisition of the Hong Kong Virtual Asset Service Provider (VASP) license. This regulatory milestone underscores the firm’s strategic commitment to expanding its footprint within Hong Kong’s burgeoning digital asset ecosystem, signaling a broader trend among leading Chinese securities firms to accelerate industry growth and foster international integration.
It is critical to distinguish that Guotai Junan secured a VASP license, which authorizes virtual asset services such as custody and asset management, rather than a Virtual Asset Trading Platform (VATP) license. Consequently, the firm is not authorized to operate a cryptocurrency exchange, meaning retail investors cannot directly trade Bitcoin or other digital currencies through Guotai Junan at this stage.
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