21世纪经济报道·2025-06-17 14:58Core Viewpoint - The article discusses the recent tightening of account opening requirements for mainland Chinese users by internet brokerages such as Futu Holdings and Tiger Brokers, indicating a significant shift in regulatory compliance and operational practices in the cross-border brokerage industry [1][5][11]. Group 1: Changes in Account Opening Policies - Futu Holdings has stopped allowing mainland users to open accounts using "storage proof" and now only permits those who actually work or live abroad to open accounts, requiring both a valid mainland ID and proof of overseas residence or employment [1][7]. - Other internet brokerages, including Changqiao Securities and Huasheng Securities, have also eliminated the "storage proof" method for account opening, now requiring documents like utility bills or rental agreements as proof of overseas living or working [3][8]. - The adjustments have raised the barriers for mainland residents to open Hong Kong stock accounts, with industry insiders suggesting that this change was inevitable and necessary for compliance with regulatory standards [8][9]. Group 2: Regulatory Background - The crackdown on cross-border internet brokerages began in 2021, with officials stating that these firms were operating illegally in mainland China without the necessary licenses [10][11]. - The China Securities Regulatory Commission (CSRC) has emphasized the need to "effectively curb new growth and orderly resolve existing issues," which includes prohibiting unlicensed foreign institutions from soliciting mainland investors and opening new accounts [11][12]. - The regulatory framework has been reinforced with the introduction of new management measures for securities brokerage businesses, aimed at enhancing oversight of illegal cross-border brokerage activities [11][12].