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Investing.com-- Shares of Guotai Junan International Holdings (HK:1788) more than doubled on Wednesday after its Hong Kong subsidiary received regulatory approval to offer virtual asset trading services.
The Hong Kong Securities and Futures Commission (SFC) granted Guotai Junan Securities (Hong Kong) an upgraded license to provide crypto dealing services through omnibus accounts with SFC-licensed platforms, according to a company filing.
The approval positions the brokerage to tap into Hong Kong’s growing digital asset market.
Hong Kong-listed shares of the company surged as much as 101.6% to HK$2.50, their highest level since early 2018. They were trading 69% higher at HK$2.09 as of 05:10 GMT.
Last month, Hong Kong’s legislature passed a landmark stablecoin bill, introducing a licensing framework for fiat-referenced stablecoin issuers.
Bitcoin had surged to a record high last month as both the U.S. and Hong Kong advanced significant regulatory initiatives.