Futu responds to China's new cross-border securities regulations: users holding foreign Chinese identities are unaffected

BlockBeats News, May 25 — Futu Securities (Hong Kong) issued a statement regarding recent regulatory matters: Recently, China's eight ministries released a plan to regulate cross-border securities businesses, which is industry-specific regulation aimed at institutions providing overseas securities and fund trading services to mainland investors, including all relevant brokerages, banks, and other financial institutions. Any statement claiming exemption from the new regulations of the eight ministries may be a scam; users are advised to keep records of written communications to protect their assets in the future.

This mainland regulatory guideline applies only to the entire industry for investors who "only hold mainland Chinese ID cards or mainland passports, with no foreign identities." If users hold any of the following foreign identification documents, they are unaffected, and their accounts and all trading services will operate normally:

Hong Kong Permanent Resident Identity Card;

Hong Kong Non-Permanent Resident Identity Card (Temporary ID); work visas/study visas;

Other legal foreign identification documents.

Futu Securities (Hong Kong) states that there are currently no regulatory rules for the industry’s two-year concentrated rectification period, and user accounts and all trading/funding services are operating normally.