- Futu Securities launches Bitcoin and Ethereum buying and selling with zero charges in Hong Kong.
- New customers can obtain incentives reminiscent of Bitcoin or shares of Alibaba and Nvidia.
- Futu seeks crypto alternate license for PantherTrade amid Hong Kong crypto hurdles.
Hong Kong’s largest on-line dealer, Futu Securities Worldwide, has launched retail cryptocurrency buying and selling within the metropolis, marking a major development in its monetary companies.
The brokerage agency identified for its huge attain and modern choices now permits residents to commerce Bitcoin And Ethereum on its platform. This initiative comes after a partnership with HashKey Trade, one of many solely two licensed cryptocurrency exchanges in Hong Kong.
Bonuses and waived crypto buying and selling charges
The launch may also include engaging bonuses. New account holders who deposit HK$10,000 (about $1,280) for 60 days will obtain both HK$600 price of bitcoin, HK$400 price of grocery store vouchers or Alibaba shares.
Those that deposit HK$80,000 are eligible to obtain HK$1,000 in bitcoin or shares of Nvidia, whose shares have risen about 130% this 12 months.
Moreover, Futu has waived fee charges for crypto buying and selling since August 1, rising the enchantment of their new service.
Futu is on the lookout for a crypto alternate license
Futu can also be pursuing a cryptocurrency alternate license for its new platform PantherTrade, which presently operates underneath ‘licensed’ standing.
PantherTrade is one among 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Fee (SFC).
Challenges of the Hong Kong crypto business
Regardless of these developments, Hong Kong’s aspirations to turn out to be a worldwide crypto hub are dealing with hurdles. Town has skilled the exit of main international buying and selling platforms and low buying and selling volumes for crypto ETFs.
Lately, the rising incidence of fraudulent actions reminiscent of counterfeit foreign money scams have made the state of affairs extra sophisticated.
In response, Hong Kong authorities are enhancing their regulatory measures and regulation enforcement capabilities to deal with these points and improve investor confidence.
As Futu Securities expands its presence within the cryptocurrency market, the success of its initiatives will rely upon the steadiness between innovation and strict oversight to make sure a protected buying and selling atmosphere.
