On September 24th, Caixin published an article revealing that various institutions were being asked to scale back their cryptoasset operations in Hong Kong. The article noted that internet platforms, Chinese brokerages, and Chinese banks in Hong Kong were all being asked to temporarily suspend all cryptoasset-related activities, including investment, trading, issuing RWAs, and stablecoins . Brokerages licensed to provide virtual asset trading services have become a particular focus, as clients can directly trade Bitcoin, Ethereum, Tether, and other cryptocurrencies in their accounts. Hong Kong categorizes virtual assets into securities-type and non-securities-type virtual assets.
It is reported that the "treasury company" model will be restricted . In this round of virtual currency innovation boom, the model of using the "treasury company" model to leverage investment in cryptocurrency assets has been rapidly copied. Many Chinese companies listed on the Hong Kong and US stock markets have announced the purchase of cryptocurrency assets such as Bitcoin and Ethereum, hoping to make profits on both stock prices and currency prices. Now this model is likely to be restricted.
