Futu Securities International, the leading online brokerage in Hong Kong, has expanded its operations and recently launched retail cryptocurrency trading as part of its services.
Futu Offers Nvidia And Alibaba Stock To Reward Crypto Traders
To attract investors to this niche, apart from Bitcoin offers, Futu is reportedly rewarding users with tech stocks, which include shares of Alibaba Group Holding (BABA) and the Nasdaq’s top performer, Nvidia Corporation (NVDA).
As of Thursday 1 August 2024, Futu users can trade in Bitcoin and Ether – the world’s front runners in the crypto arena – with either US or Hong Kong dollars. In July 2024, the broker indicated that it had obtained approval from the Securities and Futures Commission (SFC) of Hong Kong to run trading in digital assets for local professional and retail traders.
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The past two years have seen Hong Kong opening its doors to crypto-driven schemes, which include the formal licensing of crypto trading platforms. Futu’s green light for crypto trading applies to its chief trading app. The South China Morning Post reported that this company will also apply for a crypto trading licence for its new platform, PantherTrade.
This platform already offers crypto trading in Hong Kong as it is ‘deemed to be licensed’. It is an interim status that enables operation until the official licence from the SFC is received. According to the South China Morning Post, 10 other platforms in Hong Kong operate under the same condition.
Hong Kong’s mission to become a leading crypto hub is not without challenges. Global platforms have exited the scene and trading of crypto exchange-traded funds (ETFs) is comparatively low.
