United

Bitcoin

Hong Kong’s largest online brokerage, Futu Securities International, has launched cryptocurrency trading for its 22 million customers.
Futu Securities has launched Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) trading for Hong Kong-based users of its platform.
This makes Futu Securities the first online brokerage to directly offer cryptocurrency to Hong Kong-based retail investors, <a href="https://www.scmp.com/tech/tech-trends/article/3272822/online-brokerage-futu-offers-crypto-trading-hong-kong-nvidia-alibaba-stock-reward" target="_blank" rel="noopener nofollow">according</a> to a report by the South China Morning Post.
The platform debuted for trading on July 23.
Showcasing the growing investor interest, <a href="https://cointelegraph.com/news/bitcoin-open-interest-394b-breakout-imminent">Bitcoin’s open interest hit a record high</a> of $39.4 billion on July 29, increasing expectations of an imminent price breakout.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-ultimate-700k-portfolio-allocation">Bitcoin’s ‘ultimate price’ could surpass $700K based on 3% portfolio allocation — Analyst</a>
<h2 data-ct-non-breakable="true" id="ether-etf-debut-is-boosting-institutional-crypto-interest">Ether ETF debut is boosting institutional crypto interest</h2>
The debut of the first spot Ether ETFs in the United States has bolstered institutional interest in cryptocurrency and crypto-based financial instruments.
Notably, asset management giant <a href="https://cointelegraph.com/news/franklin-templeton-sbi-holdings-launch-crypto-etf-japan">Franklin Templeton has partnered</a> with SBI Holdings to establish a crypto ETF management company in Japan, Cointelegraph reported on July 26. The joint venture aims to offer the new generation of investors easier access to crypto-based trading products. 
Moreover, the joint venture could also launch a Japan-based crypto ETF once the regulatory framework permits, according to a Franklin Templeton spokesperson, who told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “It is expected that the joint venture will provide a diversified range of investment solutions, including Franklin Templeton’s existing ETFs. As regulations on digital assets and cryptocurrencies continue to evolve in Japan, the new JV will launch related products subject to regulatory approval.”
</blockquote>
Further showcasing the growing institutional interest, <a href="https://cointelegraph.com/news/bitflyer-acquires-ftx-japan-launch-crypto-etfs">BitfFlyer Holdings has acquired FTX Japan</a>, planning to potentially launch crypto ETFs for Japanese investors.
Related: <a href="https://cointelegraph.com/news/european-markets-first-ether-staking-etf">EU markets will pave the way for first Ether staking ETF: dYdX CEO</a>
<h2 data-ct-non-breakable="true" id="is-hong-kong-eyeing-crypto-hub-ambitions">Is Hong Kong eyeing crypto hub ambitions?</h2>
Based on the regulatory decisions of the past few years, Hong Kong is aiming to become a global hub for crypto and blockchain innovation.
Earlier in July, <a href="https://cointelegraph.com/news/hong-kong-unveils-new-stablecoin-licensing-regime">Hong Kong unveiled its new stablecoin</a> licensing regime, which generated general support from respondents, after a two-month public consultation period that ended in February.
Eddie Yue, the CEO of the HKMA, expressed appreciation for the feedback received and emphasized the strong support for the proposed regulatory regime, which is expected to promote a sustainable and responsible stablecoin ecosystem in Hong Kong. He said:
<blockquote data-ct-non-breakable="true">
 “We believe that a well-regulated environment is conducive to the sustainable and responsible development of the stablecoin ecosystem in Hong Kong.”
</blockquote>
However, Hong Kong has been facing challenges in becoming a global crypto hub, including an exodus from popular crypto firms.
On July 18, the <a href="https://cointelegraph.com/news/hkx-exits-hong-kong-crypto-market">HKX crypto exchange was the latest</a> to join a growing list of exchanges that have withdrawn their license applications from the Hong Kong regulator.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/b790144e-9a41-4c5a-a61f-265149273447.jpeg" alt="Hong Kong’s largest online broker launches Bitcoin and Ether trading for 22 million users" title="">
 <figcaption style="text-align: center;">
 List of applicants whose license applications have been returned refused, or withdrawn by the SFC. Source: The Securities and Futures Commission of Hong Kong
 </figcaption>
</figure>
As of July 22, a total of 13 cryptocurrency exchanges or trading platforms have withdrawn their license applications in Hong Kong, with one having its application returned for undisclosed reasons.
Magazine: <a href="https://cointelegraph.com/magazine/pudgy-penguins-pixelverse-ether-etfs-price-impact-hodlers-digest-july-14-20/">Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14–20</a>

Hong Kong’s largest online broker launches Bitcoin and Ether trading for 22 million users

Table of Contents

Cointelegraph

Other articles published on Aug 1, 2024

Analyst Warns of Bitcoin’s Potential Drop

Meta Faces Major Metaverse Losses

Unlock 1000x Returns: Discover How Zloadr Transforms Crypto Investments!

Understanding Internet Computer's Correlation with Bitcoin: Implications for Upcoming Crypto Pres...

XRPScan Issues Crucial Warning To XRP Community Amidst Latest Development

Spot Ethereum ETFs See First Green Day Since Launch With $34 Million Inflow

Join our free newsletter for daily crypto updates!