The most explosive news today is probably that the Chinese-funded brokerage Guotai Junan's international version can actually provide crypto trading. This is actually a very good signal, indicating that Chinese-funded brokerages are beginning to expand their crypto business. I looked at the crypto service provider behind Guotai and found that it is indeed the reputable Hashkey, which is very reasonable. Hashkey is considered one of the most popular crypto exchanges in mainland China/Hong Kong. Although HSK's volume is relatively low, what is truly amazing about Hashkey is their OTC business......

Previously, I had done due diligence on Hashkey's OTC business, which mainly serves ultra-high-net-worth whales and institutions, focusing on compliant Hong Kong dollar inflows and outflows. I had previously assisted a friend with Hashkey's high-net-worth account opening, which was very, very cumbersome... However, this also reflects Hashkey's strong compliance attributes.
Hashkey holds an MPI (major payment institution) license in Singapore, which is typically held by large companies like Ant Group, Grab, and Circle. In Japan, it has JFSA, and in Dubai, it has VARA, making its overall compliance tier 1 level.
In addition, Hashkey has also collaborated with leading banks such as DBS and Standard Chartered, and is deeply integrated with traditional banks for account opening, covering more than 10 mainstream currency trading pairs such as USD, HKD, SGD, and EUR.
In fact, compared to the crypto exchange business, I really have high hopes for Hashkey's directions in OTC/asset management/bank cooperation in the stablecoin downstream.