Just-In: Hong Kong Largest Broker Launches Bitcoin & Crypto Trading

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As a seasoned researcher with years of experience in the financial markets and a keen eye for trends, I find myself intrigued by Futu’s latest move to enter the retail cryptocurrency trading scene in Hong Kong. Having witnessed the meteoric rise of Bitcoin and other digital assets, I can’t help but feel a sense of deja vu. It reminds me of the dot-com boom of the late ’90s, where every Tom, Dick, and Harry wanted to get their hands on the next big thing.

In simple terms, the largest online brokerage in Hong Kong, Futu Securities International, has launched retail cryptocurrency trading services within the city. This strategic step is part of a larger initiative to draw in more investors as the crypto market experiences an upward trend. Additionally, they will provide shares of Nvidia and Alibaba to encourage this new launch.

Futu Launches Bitcoin & Crypto Services In Hong Kong

On August 1st, Futu announced that its users now have the ability to trade Bitcoin (BTC) and Ethereum (ETH) directly through their platform using either Hong Kong or US dollars for transactions. This recent addition follows Futu’s acquisition of an upgraded securities license from the Securities and Futures Commission (SFC) last month.

With this update, Futu can extend virtual asset trading opportunities to both expert and casual clients within the urban area. Simultaneously, to entice potential new investors, Futu has devised an exclusive rewards program.

Individuals who create new accounts in August and deposit $1,280 USD for a period of 60 days will receive a reward. They can choose to receive either:

As a crypto investor, I was intrigued to learn about an exciting opportunity that’s been announced. If I were to deposit $80,000 for the same duration, I could potentially reap rewards in two ways. According to the South China Morning Post, the incentives include the option of receiving HK$1,000 worth of Bitcoin or a share of Nvidia (NVDA), a leading US-based AI chip company whose shares have skyrocketed an impressive 143% this year.

Application For Licensing New Crypto Platform

Futu’s debut of retail cryptocurrency trading is in line with the city’s broader goal to establish itself as a global center for digital assets. Over the last two years, the city’s administration has put forth several crypto-related policies, such as requiring licenses for cryptocurrency exchanges. This regulatory structure is designed to attract more crypto businesses and investors by boosting the city’s credibility in the digital asset sector.

Alongside its main trading app, Futu is additionally seeking a cryptocurrency exchange license for its upcoming platform, PantherTrade. At present, PantherTrade is one of eleven platforms in Hong Kong temporarily licensed, enabling them to operate while they wait for final approval from the Securities and Futures Commission (SFC).

Although it has made significant strides, Hong Kong encounters obstacles as it aims to establish itself as a top crypto hub. Notably, some major international platforms have chosen to withdraw, and the local stock exchange has seen limited trading for Bitcoin and Ethereum ETFs.

Simultaneously, Futu enters the retail crypto trading sector during an uptrend, where Bitcoin’s price has risen by 45% compared to the start of the year. Consequently, they are providing numerous incentives and utilizing their freshly acquired securities license. Furthermore, Futu intends to tap into the escalating curiosity in digital assets among domestic investors.

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2024-08-01 14:20