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In recent times, Hong Kong has been continuously making it to the headlines in the crypto space for several reasons. One of the reasons as of today is that Futu Securities International, the largest online broker in Hong Kong introduced retail cryptocurrency–Bitcoin and Ethereum–trading to its platform.
According to the latest report from South China Morning Post, as of August 1 onwards, residents in Hong Kong can now engage in trading Bitcoin and Ethereum, the top two cryptocurrencies globally, directly through Futu’s platform. This new service, as reported allows transactions in both Hong Kong and US dollars.
The Backdrop and Incentives Involved
The retail crypto trading launch from Futu follows its recent acquisition of a securities license upgrade from the Securities and Futures Commission (SFC) in Hong Kong, which broadens its scope to include virtual asset services for both professional and retail investors.
Related Reading: Regulatory Reboot: Hong Kong to Adjust Crypto Laws in Response to Lawmaker’s Inquiry
This development is part of a broader trend as Hong Kong continues to establish itself as a friendly environment for cryptocurrency enterprises and enthusiasts. So far, the region’s regulatory framework appears to be adapting, reflecting a growing recognition of the importance of integrating digital assets into the mainstream financial system.
In a move to attract and retain new traders, Futu also launched a series of incentives that coincide with a bullish market for cryptocurrencies. According to the report, new investors who open accounts and maintain a balance of HK$10,000 over two months are eligible for various rewards. These include Bitcoin credits or a share of Alibaba Group Holding. In addition, for more substantial deposits, rewards escalate to shares in Nvidia.
Furthermore, Futu has initiated a commission-free period for cryptocurrency transactions, enhancing its appeal to potential customers. To further comply with Hong Kong’s regulatory standards, Futu collaborates with HashKey Exchange, one of the region’s fully licensed cryptocurrency exchanges.
This partnership as reported ensures that all transactions meet the requirements set out by the SFC, providing users with a “secure and regulated” avenue to explore digital asset trading.
Hong Kong Moves Closer to Becomes Crypto Hub
Besides Futu several other companies in the financial sector in Hong Kong have now been embracing crypto in every way they can therefore pushing Hong Kong towards its goal to become a crypto hub.
Just recently, ZA Bank, the largest virtual bank in Hong Kong announced that it will start offering exclusive reserve bank services to crypto stablecoin issuers.
As reported by Bitcoinist, the announcement was of a perfect timing as it followed the debut of the region’s stablecoin licensing regime which required stablecoin operators to deposit reserve assets with local banks.
Featured image created with DALL-E, Chart from TradingView
