Futu Securities International, the leading online broker in Hong Kong, has recently introduced retail cryptocurrency trading services in the city-state. This move aims to attract investors by offering them the option to trade Bitcoin and Ether on the brokerage platform using either Hong Kong or US Dollars. Partnering with HashKey Exchange, one of the two licensed cryptocurrency exchanges in Hong Kong, Futu is now able to provide a secure and regulated environment for crypto trading.
Incentives for Investors
According to reports, investors in Hong Kong who open accounts in August and deposit HK$10,000 for a 60-day period are eligible to receive rewards such as HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba. For those depositing $80,000 for the same period, the rewards increase to either HK$1,000 in Bitcoin or a share of Nvidia, a US-based AI chip firm with a significant increase in share value this year. Moreover, Futu has waived commission fees for crypto trading from 1st August onwards, making it even more appealing for investors.
In addition to offering crypto trading on its primary brokerage app, Futu is in the process of obtaining a cryptocurrency exchange license for its new platform, PantherTrade, in Hong Kong. This move aligns with the city’s efforts to position itself as a crypto hub, despite facing challenges such as the departure of major global platforms and low trading volumes for crypto ETFs on the local stock exchange. To address concerns related to fraudulent activities in the crypto space, authorities in Hong Kong have been enhancing their monitoring and enforcement measures. The recent arrests and red notice issued by Interpol indicate a growing focus on combatting fraud and theft in the cryptocurrency sector.
As the market for cryptocurrency trading expands in Hong Kong, regulators like the SFC have ramped up scrutiny of dubious entities operating in the space. This includes issuing warnings to seven unlicensed trading platforms to ensure investor protection and market integrity. With the rise in fraudulent activities related to cryptocurrencies, authorities are stepping up efforts to enhance their capabilities in tracking money laundering and preventing financial crimes involving digital assets. This heightened vigilance is crucial for maintaining investor confidence and regulatory compliance in the evolving landscape of cryptocurrency trading in Hong Kong.
