Futu Securities International Introduces Retail Cryptocurrency–Bitcoin and Ethereum–Trading to Its Platform

In recent times, Hong Kong has been continuously making it to the headlines in the crypto space for several reasons. One of the reasons as of today is that Futu

Hong Kong-based online broker Futu Securities International has announced the launch of retail cryptocurrency trading on its platform, offering users the ability to trade Bitcoin and Ethereum.

According to a report by the South China Morning Post, the service became available on August 1, allowing Hong Kong residents to trade the two cryptocurrencies directly through Futu's platform. The service reportedly supports transactions in both Hong Kong and US dollars.

The launch follows Futu's recent acquisition of a securities license upgrade from the Securities and Futures Commission (SFC) in Hong Kong, expanding its scope to include virtual asset services for both professional and retail investors.

This development aligns with Hong Kong's broader efforts to establish itself as a favorable environment for cryptocurrency enterprises and enthusiasts. The region's regulatory framework appears to be adapting, reflecting a growing recognition of the importance of integrating digital assets into the mainstream financial system.

To further attract and retain new traders, Futu has also introduced several incentives, coinciding with a bullish market for cryptocurrencies.

According to the report, new investors who open accounts and maintain a balance of HK$10,000 (around $1,270) over two months will be eligible for various rewards, including Bitcoin credits or a share of Alibaba Group Holding. For larger deposits, the rewards can escalate to shares in Nvidia.

Moreover, Futu has initiated a commission-free period for cryptocurrency transactions, enhancing its appeal to potential customers.

To ensure compliance with Hong Kong's regulatory standards, Futu is collaborating with HashKey Exchange, one of the region's fully licensed cryptocurrency exchanges.

This partnership ensures that all transactions meet the requirements set out by the SFC, providing users with a "secure and regulated" avenue to explore digital asset trading, according to the report.

Hong Kong's financial sector has been increasingly embracing cryptocurrencies, pushing the region towards its goal to become a crypto hub.

Recently, ZA Bank, the largest virtual bank in Hong Kong, announced that it will offer exclusive reserve bank services to crypto stablecoin issuers.

As reported by Bitcoinist, the announcement comes as the region debuts its stablecoin licensing regime, which requires stablecoin operators to deposit reserve assets with local banks.