Recently, Derlin Securities has been approved to become the first licensed corporation in Hong Kong to provide virtual asset-related services through over-the-counter trading, attracting attention from local and offshore funds. This milestone event is seen as a catalyst for the deep integration of virtual asset regulation and the traditional brokerage system in Hong Kong, leading to significant pricing re-evaluation expectations in brokerage stocks, related concept stocks, and compliance license premiums.

Regulatory Breakthrough and Event Overview

● Derlin Securities has been additionally approved to provide virtual asset-related brokerage services to professional investors based on its Type 1, 4, and 9 licenses from the Securities and Futures Commission (SFC), with over-the-counter (OTC) trading as the core service model.
● This approval means it can facilitate transactions involving virtual assets within the securities and futures brokerage framework, providing structured or composite product solutions rather than merely acting as a channel service.
● Prior to this event, entities approved for virtual asset-related licenses in Hong Kong were primarily trading platforms, with very few traditional brokerages approved to directly conduct related brokerage business. Derlin Securities has formed a brokerage license + virtual asset exemption/approval composite structure, where the regulatory signal is more significant than the current business scale.
● The regulatory authorities emphasized in the announcement:
● The service targets are limited to clients meeting the definition of professional investors to reduce retail risk exposure;
● Full compliance requirements must be met, including suitability assessments, risk disclosures, asset custody, and anti-money laundering;
● It must integrate with the existing risk management system of licensed activities to ensure that the addition of virtual asset services does not impact overall financial stability.
● The market views this approval as a key step in Hong Kong's path of "securitization + compliance," providing a replicable regulatory template for more local brokerages, family offices, and wealth management institutions to access virtual assets.

Feedback on Capital and Sentiment

● News:
● The approval of Derlin Securities for virtual asset-related services is the direct trigger for the current speculation in Hong Kong brokerages and the compliant virtual asset sector.
● Following the announcement, stocks linked to the "Hong Kong brokerages + virtual assets" concept saw significant volume increases during trading, with funds viewing this as a symbolic signal of further regulatory framework implementation.
● Capital:
● Recent trading data shows that intraday trading volume significantly increased after the announcement, with some related concept stocks experiencing higher trading volumes compared to previous averages, indicating short-term capital quickly flowing in to seize license premium expectations.
● The report mentions that some small and mid-cap brokerages and internet finance concept stocks experienced increased turnover rates around the announcement, with funds showing a "bottom-up" exploration logic rather than just chasing leaders.
● Regarding institutional funds, research indicates that some quantitative and event-driven strategy funds significantly increased their positions in Hong Kong brokerages and compliant virtual asset sectors during the announcement window, reinforcing the market's trading characteristics.
● Sentiment:
● The market's imagination regarding the "licensed broker + virtual assets" path has been greatly amplified, with many funds equating it to the penetration story during the early internet brokerage and online trading explosion.
● Coupled with the gradual clarification of Hong Kong's previous comprehensive regulatory rules for virtual asset trading platforms, fund management, and token issuance, market sentiment leans towards a FOMO-type optimism of "regulatory anchoring and controllable risks."
● At the same time, some investors are concerned that the current contribution of business income is still small, and short-term stock prices may overextend long-term value, creating a situation of coexisting rational concerns and emotional fervor.

Regulatory Logic and Compliance Framework

This approval is not an isolated policy but an important extension of Hong Kong's framework for "financial infrastructure compliance" at the brokerage level. The Hong Kong SFC has previously established a relatively complete regulatory puzzle through virtual asset trading platform licenses, fund management guidelines, and token issuance guidelines. However, from the perspective of traditional brokerages, there still lacks an operable compliance brokerage path for virtual assets. The approval of Derlin Securities essentially incorporates virtual assets into the securities and futures brokerage system, layering risk control and suitability requirements on top of licensed activities, allowing brokerages to access this new asset class in a limited and controlled manner within the existing systems, custody, and risk control frameworks. For regulators, this model is beneficial for gradually exploring the "brokerage–virtual asset–investor" triadic relationship and risk transmission mechanisms through a familiar licensing system and prudent regulatory processes; for the market, it adds a new "broker-led virtual asset service channel" on the compliance track, partially redirecting business that was primarily controlled by trading platforms and OTC institutions back into the regulated capital market system.

Bullish and Bearish Views and Risk Pricing

● Bullish:
● They believe that the approval of Derlin Securities is a signal that Hong Kong's virtual asset regulation has entered the "deep water zone from platform to brokerage," indicating a shift in the regulatory attitude towards these assets from "pilot observation" to "system integration."
● They expect more licensed brokerages to introduce virtual assets in wealth management, structured products, and asset allocation advisory scenarios, providing compliant solutions for high-net-worth and institutional clients, thus forming new sources of fee and interest income.
● Bulls emphasize that the overall valuation of brokerage stocks is currently in a historically low range, and with the opening of licenses and business space, there are medium to long-term opportunities for "dual recovery of valuation and performance."
● Bearish:
● They point out that the current proportion of virtual asset-related brokerage income in the overall revenue of brokerages is still extremely limited, making it difficult to become a performance pillar in the short term; current stock price fluctuations are more about thematic speculation rather than profit-driven.
● They are concerned about the high volatility of virtual asset prices and regulatory uncertainties; if new compliance events or severe market adjustments occur overseas, related businesses may be forced to contract, inversely suppressing valuations.
● The bearish view also suggests that if more brokerages receive similar approvals in the future, the "scarcity premium of licenses" will be diluted, making it difficult for leading approved institutions to maintain their relative advantages and market imagination over the long term.

Subsequent Developments and Key Observations

In the short term, the market needs to continuously monitor the evolution of two main lines: first, how the regulatory side further clarifies the operational details and risk boundaries for brokerages conducting virtual asset brokerage business within the existing framework, including whether standards for client suitability, asset custody, and information disclosure will continue to tighten or be adjusted; second, the marginal changes in client penetration rates, trading activity, and income proportions for Derlin Securities and potential following brokerages, which will determine whether this regulatory breakthrough can transition from "emotional and valuation stories" to "substantial profit contributions." From a trading perspective, related concept stocks, after experiencing the first round of emotional pricing, may focus more on performance realization rhythms and regulatory progress for rebalancing in the future, with funds shifting from mere speculation on news to selecting targets with real implementation capabilities and risk control abilities. The interplay between thematic heat and fundamental verification will become the main axis of the next stage of the market.

Join our community to discuss and grow stronger together!
Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh

OKX Benefits Group: https://aicoin.com/link/chat?cid=l61eM4owQ
Binance Benefits Group: https://aicoin.com/link/chat?cid=ynr7d1P6Z

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。