In recent times, Hong Kong has been continuously making headlines in the crypto space for several reasons. One of the reasons today is that Futu Securities International, the largest online broker in Hong Kong tech/tech-trends/article/3272822/online-brokerage-futu-offers-crypto-trading-hong-kong-nvidia-alibaba-stock-reward?campaign=3272822&module=perpetual_scroll_0&pgtype=article” target=”_blank” rel=”noopener nofollow”>inserted Retail trading of cryptocurrencies (bitcoin and ethereum) to your platform.
According to the latest report from the South China Morning Post, starting from August 1, Hong Kong residents can transact bitcoin and ethereum, the two major cryptocurrencies worldwide, directly through Futu’s platform. This new service, as reported, allows transactions in both Hong Kong dollars and US dollars.
The context and incentives involved
Futu’s launch of retail cryptocurrency trading follows its recent acquisition of a securities license upgrade from the Securities and Futures Commission (SFC) in Hong Kong, which expands its scope to include virtual asset services for professional and retail investors.
Related reading: Regulatory reset: Hong Kong to adjust cryptocurrency laws in response to lawmaker's inquiry
This development is part of a broader trend as Hong Kong continues to establish itself as a favorable environment for crypto businesses 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 bid to attract and retain new traders, Futu has also launched a series of incentives that coincide with a bull market for cryptocurrencies. According to the report, new investors who open accounts and maintain a balance of HK$10,000 for two months are eligible for various rewards, such as bitcoin credits or a share of Alibaba Group Holding. And for more substantial deposits, rewards increase to Nvidia stock.
Additionally, Futu has initiated a commission-free period for cryptocurrency transactions, increasing its appeal to potential clients. To further comply with Hong Kong regulatory standards, Futu collaborates with HashKey Exchange, one of the region’s fully licensed cryptocurrency exchanges.
The partnership reportedly ensures that all transactions comply with the SFC’s requirements, providing users with a “safe and regulated” avenue to explore digital asset trading.
Hong Kong is moving closer to becoming a cryptocurrency hub
Apart from Futu, several other financial sector companies in Hong Kong have been embracing cryptocurrencies in every possible way, thus pushing Hong Kong towards its goal of becoming a cryptocurrency hub.
Recently, ZA Bank, the largest virtual bank in Hong Kong, announced that it will begin offering exclusive reserve banking services to stablecoin issuers.
As Bitcoinist reported, the announcement came at a perfect time, as it followed the debut of the region's stablecoin licensing regime, which required stablecoin operators to deposit reserve assets with local banks.
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