Analysis: The current upgrade of License No. 1 is only a distribution attribute, and Chinese-funded brokerage firms are temporarily unable to establish their own Crypto Assets trading platform.

On June 26, 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 consolidated account arrangement, including 38 brokerages, 1 bank, and 1 internet company. Industry insiders pointed out that the License No. 1 (upgrade) obtained by Chinese brokerages is merely a distribution attribute, and brokerages cannot build their own Crypto Assets trading platform but can connect clients to existing Crypto Assets trading platforms. (Economic News Agency)