Futu Securities International, Hong Kong’s top online brokerage, has started offering crypto trading services. This move aims to attract more investors during the current crypto boom. To encourage use of its new crypto services, Futu will also offer shares in Nvidia and Alibaba. On August 1, Futu announced that users can now trade Bitcoin (BTC) and Ethereum (ETH) directly on its platform. Investors can use Hong Kong or US dollars for transactions. This new feature follows Futu’s recent upgrade of its securities license from the Securities and Futures Commission (SFC).
This upgrade allows Futu to provide virtual asset trading services to both professional and retail customers in Hong Kong. To attract new investors, Futu is running a special promotion. Investors who open accounts in August and deposit HK$10,000 (US$1,280) for 60 days will be rewarded. They can choose between receiving Bitcoin worth HK$600, a HK$400 supermarket voucher, or a single share of Alibaba Group Holding, a major Chinese e-commerce company.
Additionally, investors who deposit US$80,000 for the same 60-day period will also receive rewards, according to the South China Morning Post. They can choose between HK$1,000 in Bitcoin or a share of Nvidia (NVDA), the US-based AI chip giant whose shares have jumped 143% this year.
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Challenges Facing Hong Kong’s Crypto Hub Aspirations
Futu’s new retail cryptocurrency trading service is part of Hong Kong’s larger goal to become a global hub for virtual assets. The city has introduced several crypto-friendly policies over the past two years, including a mandatory licensing system for crypto exchanges. These measures are designed to make Hong Kong more attractive to crypto businesses and investors.
In addition to its main brokerage app, Futu is seeking a crypto exchange license for its new platform, PantherTrade. Currently, PantherTrade is one of 11 platforms in Hong Kong operating under a temporary license as they await full approval from the Securities and Futures Commission (SFC).
Despite these advancements, Hong Kong faces challenges in becoming a leading crypto hub. Several major global platforms have exited the city, and trading activity for Bitcoin and Ethereum ETFs on the local stock exchange has been relatively low. Futu’s move into retail crypto trading comes during a bull market, with Bitcoin’s price rising 45% year-to-date. To attract investors, Futu is offering various incentives and using its new securities license to capitalize on growing interest in digital assets among local investors.
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