Key Points
- Chinese online brokerage firm, Futu Securities, has initiated Bitcoin and Ethereum trading in Hong Kong.
- The company plans to extend its crypto trading services beyond China, targeting Hong Kong, Singapore, and the United States.
Futu Securities, a prominent online brokerage firm in China, has officially introduced Bitcoin (BTC) and Ethereum (ETH) trading in Hong Kong via its local subsidiary.
As of August 1, cryptocurrency traders in the region can purchase and sell these two major digital assets using either the US dollar or the local Hong Kong dollar (HKD). The company is currently only supporting the trading of BTC and Ether, though it intends to include other cryptocurrencies in the future.
Branching Out from Mainland China
The brokerage firm first voiced its interest in providing crypto trading services to clients outside mainland China in May 2021. Futu revealed it was seeking licenses to broaden its services to Hong Kong, Singapore, and the United States, where digital assets are accepted for investment opportunities, unlike China, which has a complete ban on this emerging market.
The company has successfully obtained an operational license from the Hong Kong Securities and Futures Commission (SFC), according to a report by South China Morning Post. This permit allows Futu to penetrate the Hong Kong market.
Futu is the first online securities brokerage firm to offer crypto trading services directly through its dedicated platform, the Futu Niu Niu app. The app was created in accordance with local regulations in Hong Kong.
The service is accessible to both institutional investors and retail traders. They can now buy as little as $10 worth of BTC and Ether, or HKD 80.
More Offerings and Incentives
Futu is also licensed to provide Bitcoin and Ethereum exchange-traded funds (ETFs) to certified institutions, in addition to crypto trading. These institutions can trade Bitcoin and Ethereum, their futures ETFs, and related securities, all in one location with zero commission.
To attract users in the competitive Hong Kong market, Futu has initiated an incentive program for early adopters. The brokerage firm is rewarding early participants with tech stocks from renowned companies such as Alibaba Group Holding and Nvidia.
Futu has also included Bitcoin in the reward basket, making the offer even more appealing for traders. Qualified users can claim up to HKD 800 worth of BTC.
