- Futu Securities launches Bitcoin and Ethereum trading in Hong Kong with zero charges.
- New customers can obtain incentives like Bitcoin or shares of Alibaba and Nvidia.
- Futu seeks a crypto alternate license for PantherTrade amid Hong Kong’s crypto hurdles.
Futu Securities Worldwide, Hong Kong’s largest online broker, has launched retail cryptocurrency trading within the metropolis, marking a major development in its monetary companies.
The brokerage agency, identified for its intensive attain and revolutionary choices, now permits residents to commerce Bitcoin and Ethereum on its platform. This initiative comes after a partnership with HashKey Trade, one in all solely two licensed cryptocurrency exchanges in Hong Kong.
Bonuses and waived crypto trading charges
The launch comes with engaging bonuses. New account holders who deposit HK$10,000 (roughly $1,280) for 60 days can obtain both HK$600 value of Bitcoin, a HK$400 grocery store voucher, or a share of Alibaba.
Those that deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose inventory has surged by about 130% this yr.
Moreover, Futu has waived fee charges for crypto trading beginning August 1st, enhancing the enchantment of their new service.
Futu searching for a crypto alternate license
Futu can be pursuing a cryptocurrency alternate license for its new platform, PantherTrade, which at the moment operates below a ‘deemed to be licensed’ standing.
PantherTrade is amongst 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Fee (SFC).
Hong Kong crypto business challenges
Regardless of these developments, Hong Kong’s aspiration to develop into a worldwide crypto hub faces hurdles. Town has skilled the exit of main international trading platforms and low trading volumes for crypto ETFs.
Elevated fraudulent actions, reminiscent of a latest rip-off involving counterfeit foreign money, have additional sophisticated the scenario.
In response, Hong Kong authorities are enhancing their regulatory measures and regulation enforcement capabilities to handle these points and increase investor confidence.
As Futu Securities deepens its presence within the cryptocurrency market, the success of its initiative will depend upon balancing innovation with stringent oversight to make sure a safe trading setting.
