Data: A total of 40 institutions have upgraded their Hong Kong Type 1 license, including 38 securities firms, 1 bank, and 1 internet company

Jinse Finance report, according to data disclosed by Hong Kong media Economic Times, as of June 24, a total of 40 institutions have applied to the Hong Kong Securities and Futures Commission to upgrade their Type 1 license, which is to upgrade their existing securities trading license to a comprehensive account arrangement that can provide virtual asset trading services. This includes 38 securities firms, 1 bank, and 1 internet company. It is understood that mainland Chinese securities firms only have a distribution function and cannot build their own cryptocurrency exchange, but instead connect their clients to existing cryptocurrency trading platforms.