Hong Kong’s largest online broker has launched crypto trading for its 22 million customer base. Users can now trade Bitcoin and Ether directly on Futu Securities International using either Hong Kong or US dollars.
Futu unveiled last month that the Securities and Futures Commission [SFC] green-flagged its securities license upgrade. The agency sanctioned the brokerage platform to offer virtual asset services to both professional and retail customers in the region.
Futu is currently offering crypto trading on its main brokerage app. However, it has already kickstarted the process of receiving a crypto exchange licence for its new platform, PantherTrade.
A recent report pointed out that the aforementioned platform is “among 11 in Hong Kong that are currently deemed to be licensed for trading crypto, an arrangement that allows them to operate in the city as they await full approval from the SFC.”
Owing to its crypto-friendliness, Hong Kong has been able to cement its position as a key crypto hub. Web3 giant Animoca Brands is planning to go public, and as reported by blocmates, Hong Kong is one of the jurisdictions it is considering.
Earlier this year, Hong Kong also approved spot Bitcoin and Ethereum exchange-traded funds [ETFs]. The approval was followed by the launch of six funds, making Hong Kong the first in Asia to cater to retail demand via ETFs.
What is more, regulators are looking to allow Ether staking for ETF issuers. After receiving proposals on its table, the SFC has reportedly discussed staking via licensed platforms with ETF issuers.
Even though the SFC has not yet made a decision in this regard, researchers believe that an approval would give Hong Kong’s spot ETF products a relative advantage over the short term.
