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<p>Interactive Brokers Hong Kong has successfully obtained the necessary licensing to facilitate retail crypto trading in Hong Kong, marking a pivotal move for the brokerage firm in the rapidly evolving crypto landscape of the region.</p><p>This announcement was made by David Friedland, the Managing Director for Asia Pacific at Interactive Brokers, on <a href="https://www.linkedin.com/posts/david-friedland-a756ab11_another-first-interactive-brokers-hong-activity-7133698391158489088-pEI7/?utm_source&#61;share&amp;utm_medium&#61;member_ios" rel="noopener noreferrer nofollow">LinkedIn</a> on Friday, solidifying the firm’s position as a significant player in the local crypto market.</p><h2 id="header-0">Ongoing interest in virtual assets in Hong Kong</h2><p>The decision to enter retail crypto trading comes at a time when Hong Kong is experiencing sustained interest and activity within the crypto sector. Interactive Brokers had <a href="https://www.coindesk.com/business/2023/02/15/interactive-brokers-rolls-out-btc-eth-trading-to-professional-investors-in-hong-kong/" rel="noopener noreferrer nofollow">rolled out</a> BTC and ETH trading services to accredited investors in Hong Kong in February. Major companies are actively seeking local licensing, mirroring similar milestones achieved by entities like HashKey and Swiss crypto bank <a href="https://medium.com/&#64;coinness.gl/hong-kong-licensing-success-sees-seba-bank-expand-apac-crypto-presence-22ea8341e982" rel="noopener noreferrer nofollow">SEBA</a>.</p><p>In a parallel development, it emerged last week that Victory Securities, a prominent investment firm in Hong Kong, has also <a href="https://medium.com/&#64;coinness.gl/victory-securities-granted-approval-for-retail-crypto-trading-in-hong-kong-b244178af1f4" rel="noopener noreferrer nofollow">secured</a> regulatory approval from the Securities and Futures Commission (SFC) to offer cryptocurrency services targeting retail clients. This positions Victory Securities alongside Interactive Brokers in the competitive retail crypto space of the region.</p><h2 id="header-1">Significance acknowledged within the industry</h2><p>This milestone achievement by Interactive Brokers in Hong Kong has not gone unnoticed within the virtual assets sector. Gabor Gurbacs, Head of Digital Asset Strategy at American investment management firm VanEck, took to the X platform, <a href="https://x.com/gaborgurbacs/status/1728762631870111886?s&#61;20" rel="noopener noreferrer nofollow">stating</a>:</p><p>“Hungarians know inflation and the importance of hard money. Thanks to [Interactive Brokers Founder/Chairman Thomas Peterffy] for being a silent Bitcoin advocate. You can count on Hungarians when it comes to important matters.”</p><p>As Interactive Brokers expands its footprint, recent financial reports reveal impressive growth. In the third quarter, the company reported a remarkable 45% year-over-year increase in net revenue, reaching $1.145 billion. The firm is strategically focusing on European expansion, consolidating operations in Ireland to enhance efficiency and better serve its growing client base.</p><p>Moreover, Interactive Brokers has extended trading hours for U.S. equities and crypto services in partnership with Zero Hash, a move geared towards providing ever more comprehensive and accessible financial services. The successful entry into Hong Kong’s retail crypto trading arena is expected to contribute significantly to the firm’s overall growth and influence in the region.</p><h2 id="header-2">Fine-tuning regulation</h2><p>The regulatory environment in Hong Kong has recently undergone <a href="https://medium.com/&#64;coinness.gl/hong-kong-adapts-crypto-regulations-to-broaden-market-access-612e2044c302" rel="noopener noreferrer nofollow">adjustments</a>, with the SFC refining its crypto policies. While certain offerings have been restricted to professional investors, there is now an increased emphasis on evaluating clients’ knowledge before allowing them to engage in crypto transactions. Despite these stringent measures, the sector has faced challenges, including the JPEX scandal that shook Hong Kong’s digital asset market.</p><p>In 2022, Interactive Brokers <a href="https://financefeeds.com/interactive-brokers-now-offers-24-7-access-to-crypto-trading/" rel="noopener noreferrer nofollow">extended</a> its crypto trading service in the United States on a 24/7 basis, having first commenced with a crypto product offering in mid-2021. With this strategic move, Interactive Brokers, as a TradFi stalwart, has demonstrated adaptability and resilience in the face of ongoing digital asset innovation and evolving market conditions.</p>

Interactive Brokers Hong Kong secures retail crypto trading license

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