Caixin: Multiple types of Chinese institutions in Hong Kong have been clearly required to shrink their crypto assets, and the treasury company model is likely to be restricted.

According to Foresight News, Caixin published an article to disclose the internal information of multiple institutions being asked to shrink their crypto assets business in Hong Kong, which pointed out that Internet platforms, Chinese securities firms, Chinese banks and other institutions in Hong Kong were required to suspend various businesses involving crypto assets, including investment, trading, issuance of RWA, stablecoins, etc. Among them, especially securities companies that have obtained the qualification to "provide virtual asset trading services", because customers can directly trade Bitcoin, Ether, Tether, etc. in their accounts, it has become the focus of attention. From the perspective of asset essence, Hong Kong divides virtual assets into securities-type virtual assets and non-security-type virtual assets. It is reported that the "Qiku Company" model will be restricted. In this round of virtual currency innovation boom, the model of using the "Qiku Company" model to invest in cryptocurrency assets has been quickly copied. Many Chinese companies listed on Hong Kong and US stocks have announced the purchase of cryptocurrency assets such as Bitcoin and Ethereum, hoping to make profits from both stock prices and currency prices. Now this model is likely to be restricted.
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