Central Bank and Four Other Departments: Support Lawful Cross-border Purchase of Eligible Investment Products Sold by Hong Kong and Macau Financial Institutions

BlockBeats News, January 22. Recently, the People's Bank of China, the Ministry of Commerce, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the "Opinions on Promoting the High-standard Opening-up of the Financial Sector in Pilot Free Trade Zones (FTZs) and Free Trade Ports (FTP) to Align with International Practices under Certain Conditions" (referred to as the "Opinions" hereafter).

The "Opinions" allow foreign-funded financial institutions to provide new types of financial services similar to those provided by domestic financial institutions. The new financial services referred to in these Opinions are those not yet provided in China but already provided and regulated in other countries or regions. They also aim to continuously optimize the "Cross-border Wealth Management Connect" pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, support mainland residents of the Greater Bay Area in purchasing eligible investment products offered by Hong Kong and Macao financial institutions through Hong Kong and Macao financial institutions. This includes expanding the scope of participating institutions and eligible investment products.

BlockBeats Note: The release of this document has sparked market discussions. Some analysts believe that this document indicates that the Hong Kong Bitcoin ETF will attract more investors, but its feasibility is still pending confirmation.