Hong Kong’s Leading Online Broker Now Offers Trading for Bitcoin and Ethereum—Get the Details
Hong Kong has been garnering attention in the cryptocurrency realm, with Futu Securities International, the largest online broker in the region, now enabling retail cryptocurrency trading on its platform. Residents in Hong Kong can now trade Bitcoin and Ethereum directly through Futu’s platform, transacting in both Hong Kong and US dollars starting from August 1.
Futu’s foray into retail crypto trading follows its recent acquisition of a securities license upgrade from the Securities and Futures Commission (SFC) in Hong Kong. This upgrade allows Futu to offer virtual asset services to both professional and retail investors, indicating a broader trend of Hong Kong positioning itself as a welcoming space for cryptocurrency ventures and enthusiasts. The regulatory framework in the region seems to be evolving to accommodate digital assets into the mainstream financial system.
To attract and retain traders, Futu has introduced various incentives coinciding with the bullish cryptocurrency market. New investors opening accounts and maintaining a balance of HK$10,000 for two months can qualify for rewards such as Bitcoin credits or shares of Alibaba Group Holding. Larger deposits can lead to shares in Nvidia. Additionally, Futu has implemented a commission-free period for cryptocurrency transactions to enhance its appeal to potential clients. In line with regulatory standards, Futu has partnered with HashKey Exchange, a fully licensed cryptocurrency exchange in the region, ensuring that all transactions comply with SFC requirements, offering users a secure and regulated platform for digital asset trading.
Hong Kong’s financial sector is embracing crypto, with companies like ZA Bank, the largest virtual bank in the region, announcing exclusive reserve bank services for crypto stablecoin issuers. This move aligns with Hong Kong’s ambition to establish itself as a crypto hub. Recently, the region introduced a stablecoin licensing regime mandating stablecoin operators to deposit reserve assets with local banks, further solidifying Hong Kong’s position in the crypto landscape.
In conclusion, Hong Kong’s strides towards becoming a crypto hub are evident through the actions of key players in the financial sector, signaling a shift towards embracing and integrating digital assets into the region’s financial ecosystem.
