- Futu Securities launches commission-free Bitcoin and Ethereum buying and selling in Hong Kong.
- New customers can obtain incentives comparable to Bitcoin or shares in Alibaba or NVIDIA.
- Futu is looking for a crypto buying and selling license for PantherTrade amid hurdles for crypto in Hong Kong.
Fudu Securities Worldwide, Hong Kong's largest on-line dealer, has launched retail cryptocurrency buying and selling in Hong Kong, marking a serious breakthrough in monetary providers.
The brokerage, identified for its large attain and progressive providers, is now permitting Hong Kong residents to commerce Bitcoin and Ethereum on its platform. The transfer comes following a partnership with HashKey Trade, one in every of two cryptocurrency exchanges licensed within the metropolis.
Bonuses and cryptocurrency buying and selling price waivers
The launch comes with a pretty bonus: new account holders who deposit HK$10,000 (about $1,280) inside 60 days will obtain both HK$600 value of Bitcoin, HK$400 value of grocery store vouchers, or Alibaba shares.
Those that deposit HK$80,000 can be eligible to obtain HK$1,000 value of Bitcoin or shares in Nvidia, whose shares have risen about 130% this 12 months.
Moreover, Futu will waive charges for cryptocurrency transactions from August 1, making the brand new service extra engaging.
Futu seeks cryptocurrency buying and selling license
Futu can also be looking for to acquire a cryptocurrency buying and selling license for its new platform, PantherTrade, which at present operates beneath “deemed-authorized” standing.
PantherTrade is one in every of 11 platforms awaiting full approval from the Hong Kong Securities and Futures Fee (SFC).
Challenges for Hong Kong’s cryptocurrency trade
Regardless of these developments, Hong Kong's objective of changing into a worldwide crypto hub faces challenges as the town has seen the withdrawal of main world buying and selling platforms and sluggish crypto ETF buying and selling volumes.
The state of affairs is additional difficult by a rise in fraudulent actions, together with latest counterfeit forex scams.
In response, Hong Kong authorities are strengthening their regulatory measures and enforcement capabilities to deal with these points and increase investor confidence.
As Futu Securities deepens its presence within the cryptocurrency market, the success of its efforts will depend upon balancing innovation with rigorous oversight to make sure a protected buying and selling setting.
