Key Takeaways
Futu Securities International, a leading online broker based in Hong Kong, has recently expanded its trading services to include cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
This move is part of the company’s broader strategy to diversify its offerings and tap into the growing interest in digital assets.
Futu Securities International has a user base of 22.5 million registered clients and 1.9 million paying clients, making it Hong Kong’s largest tech broker. The company is offering commission-free trading in its new cryptocurrency markets.
In addition to commission-free trading, Futu is incentivizing new clients who open accounts and deposit funds within a certain timeframe. For example, Hong Kong investors who deposit a minimum of HK$10,000 (approximately $1,280) within the first 60 days of opening their accounts in August can choose from a selection of rewards.
The rewards include:
For larger deposits of HK$80,000 or $10,242, the rewards comprise HK$1,000 ($128) in Bitcoin or a share of Nvidia, which was worth $110 at the time of writing.
Futu’s crypto trading expansion was made possible thanks to its collaboration with HashKey Exchange, one of the only two licensed cryptocurrency exchanges in Hong Kong. Additionally, Futu is seeking a license for its subsidiary Panthertrade to expand these offerings.
The Panthertrade subsidiary currently operates under a deemed-to-be-licensed status by Hong Kong’s Securities and Futures Commission, which allows it to offer services while awaiting full regulatory approval.
Futu’s crypto push is part of a larger trend in Hong Kong, which is actively supporting the cryptocurrency industry in its bid to establish itself as a global crypto hub.
Recent regulatory advancements in the region include approving spot crypto exchange-traded products, among other regulatory frameworks.
This proactive approach by Futu Securities International not only capitalizes on the burgeoning crypto market but also aligns with Hong Kong’s aspirations to become a central player in the global cryptocurrency landscape.
Hong Kong is making significant strides in refining its cryptocurrency regulatory framework, aligning it with international standards, and focusing on investor protection and market stability.
Following in the footsteps of the U.S., Hong Kong launched Bitcoin and Ethereum ETFs in April, which were initially expected to be a game-changer, potentially funneling up to $25 billion from investors into these funds.
However, the new exchange-traded products (ETPs) have been slow to gain traction. Despite this, it would be premature to write off Hong Kong’s ambitions to become a leading crypto hub in the region.
As Hong Kong continues to refine its regulatory framework, it’s clearly committed to creating a fertile ground for crypto innovation and growth. With a keen focus on investor protection and market stability, it is well-positioned to capitalize on the vast potential of the crypto market and cement its status as a major player in the region.