CMB International Securities Limited, a subsidiary of the China Merchants Bank (CMB) — one of China’s top banks — launched a cryptocurrency exchange in Hong Kong.

According to a Monday CMB WeChat announcement, the bank has started offering virtual asset trading services. The launch comes after the Hong Kong Securities and Futures Commission approved the bank’s application for a virtual asset service provider license in mid-July.

CMB’s Hong Kong-based crypto exchange allows for 24/7 trading of Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT) for eligible investors. Documentation provided by the bank clarified that only professional investors are eligible for crypto trading services.

China Merchants Bank is one of the country’s largest banks, managing over $1.7 trillion worth of assets as of the end of March, according to Macrotrends data. The bank’s ordinary class A shares have a market capitalization of $153.16 billion.

Related: China cracks down on stablecoin promotions, research and seminars

Mainland China’s ban on crypto persists

CMB said it is the first Chinese bank–affiliated broker in Hong Kong to secure licenses tied to virtual asset trading services. The bank also noted plans to integrate traditional stock trading with digital assets and fintech applications.

Still, in Shenzhen, China — where the bank’s headquarters are located — such a service would be illegal. The Chinese government banned crypto trading in 2017, resulting in major sell-offs at the time.

Since then, Chinese authorities have continued to treat crypto trading as illegal in mainland China, leading some market participants to devise creative solutions.

Hong Kong operates under its own rules within China’s “one country, two systems” policy, and is increasingly emerging as a local crypto hub.

Related: Animoca and Standard Chartered form stablecoin venture in Hong Kong

Hong Kong: an emerging crypto hub

Hong Kong authorities appear to have made crypto regulation a high-priority part of their agenda. On the first day of this month, the Hong Kong Monetary Authority (HKMA) finalized its regulatory framework for stablecoin issuers.

The introduction of the new rules led to stablecoin companies operating in Hong Kong posting double-digit losses on Aug. 1, just after they came into force. Analysts at the time described the sell-off as a healthy correction, as the requirements for stablecoin issuers proved to be more stringent than expected.

The new rules were rolled out in a six-month transition period starting from Aug. 1. The new Stablecoin Ordinance effectively criminalizes the offering or promotion of unlicensed fiat-referenced stablecoins to retail investors. Local authorities also launched a dedicated public license registry before the rules came into effect.

The Hong Kong Securities and Futures Commission has warned that the introduction of the new local stablecoin regulatory framework has increased the risk of fraud. Last week, the SFC also issued immediate guidance on cryptocurrency custody standards, introducing sweeping security requirements and a ban on smart contracts in cold wallet implementations — a rule that conflicts with current practices at several leading firms.

Magazine: China to ban owning Bitcoin? Gate.io to pay $30M over liquidations: Asia Express

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Naturally, South Africa is the continent’s most sophisticated crypto market. This is primarily due to the merchant’s crypto payment skills. Meanwhile, Kenya will be holding the next edition of the Depin Network Annual Crypto event. On the western side of the continent, Nigeria ultimately enacted a legal framework that corresponded to encryption as part of the securities framework.

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Kenya Crypto News: Depin Event Set for Mombasa and Zanzibar

The Global Crypto organization has announced that it will be holding its annual African event in Mombasa, Kenya, a decentralized physical infrastructure network (DEPIN). The event focuses on decentralized infrastructure, blockchain solutions, and sustainability.

Depin will hold an event from July 2nd to 5th, with the first day following Zanzibar Island off the coast of Tanzania in Mombasa, Kenya. The summit is sought to bring together industry leaders, innovators and policymakers to transform blockchain development on the continent. Second, this will help you concentrate your capital on some of the best cryptos to buy in 2025.

Organizations such as EV3, Share, and ThreeFold are important in holding summits. The event features several notable speakers from these organizations onwards, all of whom contribute to the overall success.

South African Crypto News: Leader in Merchant Crypto Recruitment

South Africa is one of the world’s top crypto markets.

The survey confirmed it is the top ranked African market for merchant crypto payments. This indicator is important as many institutional level players employ crypto as their payment system, as it shows the relative maturity of the South African market.

Notes from the top of Cape Town

– *Local * Incredible market for Stablecoin & Payment Focused teams

– BCOZ, similar to India, has capital controls in this region, and lacks clarity of regulations (for now)

– The local early and talented Solana community (Eco Project employees, … pic.twitter.com/szp0ne7a5a

– Aditya Shetty (@adityashetts) March 30, 2025

In this country, around 584 merchants’ locations accept crypto payments and place their heads and shoulders above other markets on the continent. In particular, South Africa ranks sixth in the world, only tracking the US, Brazil, the Czech Republic, El Salvador and Italy.

Countries like Kenya and Nigeria rely heavily on the use of peer-to-peer cryptography, and their citizens are actively involved in some of the hottest pre-sales. However, South Africa shows a decent level of integration between the crypto and the business sector.

If Crypto is to truly challenge Fiat and replace it as a medium of exchange, then such a widespread acceptance of merchants is necessary for growth.

Nigeria’s Crypto News: New Securities Law – What You Need to Know

Last week, Nigerian President Bora Tinubu signed the Investment and Securities Act, which allows virtual assets and investment contracts to be domestic securities. This development will help ease some of the uncertainty surrounding Nigeria’s cryptography after a year of upheaval.

The law is prominent for countries where central banks direct financial institutions in 2021 and halt crypto transactions. Nigeria also collided with this year’s headlines as Binance executives were arrested as part of the exchange crackdown, and ultimately Binance temporarily evicted the market.

The law aims to create a more specific environment for investors, while enhancing issuer transparency and compliance with global standards. Crypto stakeholders are looking at development carefully, hoping that this will ultimately be a turning point for the crypto industry in the country, which has a love-hate relationship with the Nigerian government.

Discover: Africa Crypto Week Review: Quidax and Tether unite to govern Bitcoin Mining Power Holmes in Africa, Zambia, Nigeria to rule feud in binance

Africa’s Cryptography Week after Review: Depin Summit came to Kenya, with South Africa at the top of the merchant crypto payments and Nigeria first appeared with 99 Bitcoin.