Kong Hong’s Largest Broker Now Offers Crypto Trading Services

In a press statement released earlier today, the biggest online brokerage in Hong Kong  Futu Securities International revealed that it is now offering crypto trading services. Bitcoin (BTC), Ethereum (ETH), and shares from Nvidia and Alibaba are added as incentives to attract users and crypto investors. 

Furthermore, these initiatives get traded directly on the brokerage’s platform using either Hong Kong or US dollars. This retail offering comes after the firm got the green light from the city’s Securities and Futures Commission (SFC) last month to offer virtual asset dealing services. 

The Innovative Futu Pursuit 

In addition to the crypto service offerings on its main platform, the brokerage firm is also seeking a crypto exchange license for its new platform, PantherTrade. Presently, PantherTrade is one of the 11 platforms in Hong Kong considered “deemed to be licensed” for crypto trading. The interim setup permits these platforms to function while they await complete approval from the regulatory agency.

Furthermore, the firm is currently foregoing Bitcoin trading commissions to expand its market presence. It is set to collaborate with the licensed exchange HashKey to facilitate trading under SFC regulations. Leveraging on the exchange’s extensive client base, Futu will generate substantial retail trading volume in no time. 

Also, the credibility and trust associated with Haskey will provide instant legitimacy to the upcoming trading platform.

Hong Kong Push to Become Global Crypto Hub 

Futu’s new launch complements the city’s larger goal of establishing itself as a global center for crypto and blockchain innovation. In July, the regulatory agency hinted at plans to review crypto rules. The improved regulatory structure aims to boost the city’s attractiveness to crypto enterprises and investors. In addition, a new stablecoin licensing framework was introduced which garnered positive feedback from the community. 

However, a top legislative officer raised concerns about its transparency. Market observers see the stablecoin Sandbox program as a pivotal step for Hong Kong to achieve its goal if all doubts about its implementation and industry impact is sorted out.

Bitcoin Widespread Adoption

Futu’s move showcases the growing acceptance and recognition of Bitcoin within the broader financial community and the crypto industry. Recently, Legislator Johnny Ng from Hong Kong suggested the possible inclusion of Bitcoin into the financial reserves. 

The digital asset is largely seen as a store of value and a hedge against inflation globally.