Hong Kong’s biggest online brokerage, Futu Securities International, has rolled out crypto trading for its 22 million customers. The move comes as part of Hong Kong’s push to establish itself as a virtual asset hub.
On Aug. 1, Futu announced that Hong Kong residents can now directly trade Bitcoin and Ethereum with Hong Kong or US dollars on its platform. This development stems from Futu’s recent authorization upgrade by the SFC. It allows the company to provide virtual asset services to both professional and retail clients.
Futu aims to entice investors with attractive offers. For instance, new users depositing HK$10,000 for 60 days have the option to receive Bitcoin valued at HK$600, a HK$400 supermarket voucher, or an Alibaba share. For larger deposits of US$80,000, users can either get HK$1,000 in Bitcoin or a share of Nvidia, a company whose stock has seen a remarkable 140% increase this year.
Futu is partnering with HashKey Exchange, one of only two licensed exchanges in Hong Kong, to provide this service. The brokerage is also waiving commission fees for crypto trading until further notice.
Hong Kong’s push to enhance crypto industry
The launch is in line with Hong Kong’s drive to enhance its crypto sector. Recent initiatives, like compelling licenses for crypto exchanges, have been put in place. Despite progress, obstacles persist, with notable platforms leaving and subdued trading in local crypto exchange-traded funds.
Moreoever, in July, the financial regulators in Hong Kong wrapped up their consultation on establishing regulations for stablecoin issuers. Spearheaded by the Financial Services and the Treasury Bureau along with the Hong Kong Monetary Authority, the endeavor aims to address potential risks and enhance supervision in the rapidly expanding crypto sector.
Nevertheless, Futu takes a step towards blending traditional finance with the world of digital assets. The upcoming months will determine the success of this approach in attracting new investors and enhancing Hong Kong’s role as a crypto center.
Related | Binance Labs backs Particle Network’s multi-chain solution
