In a landmark move signaling growing institutional acceptance of digital assets in Asia, Greenland Holdings — one of China’s largest state-backed conglomerates — is preparing to enter Hong Kong’s regulated crypto market. The company plans to establish a new subsidiary under its fintech arm, Greenland Financial Technology, dedicated to cryptocurrency trading, non-fungible tokens (NFTs), and carbon emission-linked digital products. This strategic expansion positions Greenland as the first state-owned enterprise (SOE) in China aiming to secure a virtual asset operating license in Hong Kong.
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A Strategic Gateway to Global Digital Finance
Greenland’s chairman, Jing Geng, recently visited Hong Kong and confirmed that the company is actively preparing its application for a license from the Securities and Futures Commission (SFC). Speaking in an exclusive interview with The Washington Post, Geng emphasized Hong Kong’s pivotal role in the company’s international digital strategy.
“We aim to expand our digital financial services in Hong Kong, using it as a gateway to global markets,” said Geng. “With Hong Kong introducing a new regulatory framework for crypto asset platforms, now is the ideal time for Greenland to launch this initiative.”
Hong Kong has been steadily building a compliant and transparent environment for virtual assets. In February 2024, the SFC unveiled new rules permitting retail investors to trade major cryptocurrencies like Bitcoin and Ethereum on licensed platforms. These regulations, effective June 1, 2024, require all centralized crypto exchanges operating in or marketing to Hong Kong to obtain formal approval. Non-compliant platforms face suspension.
This regulatory clarity has attracted a wave of institutional interest — including from global financial firms and regional tech giants. Greenland’s move underscores a broader trend: traditional enterprises are no longer观望 (on the sidelines) but actively integrating blockchain-based services into their core offerings.
Core Business Focus: Crypto Trading, NFTs, and Green Digital Assets
The proposed subsidiary will focus on three key areas:
- Cryptocurrency trading: Offering regulated access to major digital currencies.
- Non-fungible tokens (NFTs): Exploring use cases in digital collectibles, intellectual property, and asset tokenization.
- Carbon emission-linked products: Developing blockchain-based solutions for carbon credit tracking and trading.
These initiatives align with Greenland’s existing expertise in sustainability and green finance. The company has long been involved in carbon trading projects across mainland China and sees digital ledgers as a way to enhance transparency and efficiency in environmental markets.
“Blockchain technology can revolutionize how we monitor and trade carbon assets,” Geng noted. “By combining our experience in green development with cutting-edge fintech, we’re creating value that’s both innovative and responsible.”
While final approval rests with the SFC, Greenland has pledged full compliance with all local regulations. “Every step we take will be within the legal framework,” Geng added. “We are not just building a business — we’re building trust.”
From Real Estate Giant to Fintech Innovator
Founded in 1992 and headquartered in Shanghai, Greenland Holding Group has evolved from a real estate developer into a diversified multinational. With $231.3 billion in assets and $84.5 billion in annual revenue, it ranked 125th on the Fortune Global 500 list in 2023. Beyond property, the group operates in finance, hospitality, retail, and digital innovation.
Its fintech division, Greenland Financial Technology, already holds two licenses from Chinese regulators: one for securities consulting and another for asset management. The company has also been active in blockchain research and data management since 2016.
This isn’t Greenland’s first foray into digital banking. In 2018, it applied for one of Hong Kong’s early virtual bank licenses but was not among the eight approved by the Hong Kong Monetary Authority (HKMA). However, the company gained valuable experience overseas — in 2020, a consortium led by Greenland secured a digital full bank license in Singapore.
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That international exposure, combined with five years of expanding digital operations on the mainland, has strengthened Greenland’s confidence in entering Hong Kong’s structured regulatory environment.
Why Hong Kong? Regulatory Clarity Meets Market Opportunity
Hong Kong’s proactive stance on crypto regulation sets it apart from mainland China, where cryptocurrency trading and initial coin offerings (ICOs) remain prohibited. By contrast, Hong Kong allows licensed platforms to serve retail investors — a rare opportunity in the region.
The city’s balanced approach — encouraging innovation while enforcing investor protection — makes it an attractive hub for traditional financial institutions exploring blockchain integration.
Greenland joins other major players like Huobi Global and OKX, which also announced plans to apply for SFC licenses under the new regime. However, Greenland stands out due to its state-affiliated status and extensive cross-sector experience.
As Geng pointed out:
“While many crypto operators are startups, Greenland is a state-owned enterprise with 30 years of operational history. Our entry brings stability, credibility, and long-term vision to this emerging space.”
Keywords Driving Industry Transformation
This development highlights several core keywords shaping the future of digital finance:
- Cryptocurrency
- NFT
- Blockchain
- Digital assets
- Carbon trading
- Hong Kong crypto license
- Regulated crypto exchange
- State-owned enterprise (SOE)
These terms reflect both technological advancement and regulatory evolution — two forces converging to redefine how value is created, stored, and exchanged in the digital economy.
Frequently Asked Questions (FAQ)
Q: Is Greenland Holdings a private or state-owned company?
A: Greenland Holdings is a Chinese state-owned enterprise, with approximately 46.4% ownership held by the Shanghai municipal government.
Q: What kind of crypto license is Greenland applying for?
A: The company plans to apply for a virtual asset trading platform license from Hong Kong’s Securities and Futures Commission (SFC), allowing it to offer regulated crypto trading services.
Q: Will Greenland’s platform support retail investors?
A: If approved under Hong Kong’s post-June 2024 framework, the platform could legally serve retail customers trading major cryptocurrencies like Bitcoin and Ethereum.
Q: Does Greenland already have experience in blockchain or fintech?
A: Yes. Since 2016, Greenland Financial Technology has operated under two mainland licenses — for securities advisory and asset management — and has been involved in blockchain projects and carbon trading systems.
Q: How does carbon trading integrate with blockchain?
A: Blockchain enables transparent, tamper-proof tracking of carbon credits throughout their lifecycle — from issuance to retirement — improving accountability in environmental markets.
Q: Has Greenland previously operated a bank or financial platform?
A: While unsuccessful in obtaining a Hong Kong virtual bank license in 2018, Greenland-led consortium won a digital full bank license in Singapore in 2020, demonstrating its commitment to digital financial infrastructure.
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Final Outlook: A New Chapter for Institutional Crypto Adoption
Greenland’s planned entry into Hong Kong’s crypto market marks a turning point — not just for the company, but for the broader acceptance of digital assets by traditional institutions. As more established firms embrace blockchain technology within regulated frameworks, the line between conventional finance and decentralized innovation continues to blur.
With strong government backing, proven cross-industry capabilities, and a clear strategic vision, Greenland is poised to become a key player in Asia’s evolving digital economy — bridging legacy systems with next-generation financial tools.