<img src="https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MTc5Mjk3ODg3NTQ2MDU4NDM1/scaling-bitcoin-gears-up-for-hong-kong.jpg” />
Future ValuesHong Kong’s largest online brokerage with over 3.5 million customers, has launched retail bitcoin trading on its platform. tech/tech-trends/article/3272822/online-brokerage-futu-offers-crypto-trading-hong-kong-nvidia-alibaba-stock-reward”>The South China Morning PostUsers can now buy and sell bitcoin and Ether directly using Hong Kong dollars or US dollars.
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BREAKING: Hong Kong's largest online broker, Futu, has launched twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and cryptocurrency trading. image.twitter.com/sGDxbx83is
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1818957656997986506?ref_src=twsrc%5Etfw”>August 1, 2024
Futu is Hong Kong’s first online broker to offer direct access to bitcoin to retail investors. Last month, the company received approval from the city’s Securities and Futures Commission (SFC) to offer virtual asset trading services.
The move comes after Hong Kong approved a bitcoin and ethereum exchange-traded fund earlier this year. With a new licensing regime for exchanges and other policy initiatives, Hong Kong is aiming to position itself as a bitcoin and cryptocurrency hub.
By allowing retail bitcoin trading on its main app, Futu is one step ahead of its rivals. It has also applied for a full bitcoin and cryptocurrency exchange license for its PantherTrade platform, one of 11 provisional “deemed licensed” exchanges in Hong Kong awaiting SFC approval.
To attract new bitcoin and cryptocurrency users, Futu offers incentives such as Alibaba and Nvidia stocks as rewards. Customers who deposit HK$10,000 for 60 days will receive HK$600 in bitcoin or vouchers and stocks. Larger depositors can earn more rewards.
Futu is also waiving fees for bitcoin transactions for now in order to gain market share. It is partnering with the licensed exchange HashKey to allow transactions under SFC rules.
By leveraging its large customer base, Futu is uniquely able to drive significant retail bitcoin transaction volume in Hong Kong. Its branding gives its bitcoin platform instant credibility and trust.
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