Hong Kong has seen a growing interest in global crypto and fintech player over the years as Interactive Brokers joins the list.
Interactive Brokers, a global brokerage firm based in the United States, announced the launch of its crypto trading service for corporate clients in Hong Kong on February 14. The crypto trading service was launched in conjunction with OSL Digital Securities, the Securities and Futures Commission-authorized digital asset trading and trading platform for professional investors.
Individuals with more than HK$8 million ($1 million) in investable assets, or companies with HK$40 million ($6 million), who are residents of Hong Kong, can trade cryptocurrencies and asset classes others are available on the Interactive Brokers platform.
Investors used to use different trading methods from different brokers and exchanges to trade cryptocurrencies and other asset classes. However, investors can trade cryptocurrencies and check balances from a single platform that provides a unified view using the Interactive Broker platform.
Interactive Brokers use centralized financial management to trade stocks, options, futures, bonds, futures contracts, mutual funds, and exchange-traded funds from a single screen in addition to bitcoin BTC ($21,857) and ether ETH ($1,512).
The launch of the crypto-trading service comes at a critical time in the development of Hong Kong’s dominant digital asset market. Paul Chan, Hong Kong’s finance secretary, said in January that the Hong Kong government is open to working with cryptocurrency and fintech companies in 2023.
The official added that many businesses are interested in expanding their operations in Hong Kong or listing in local markets. In December 2022, the Hong Kong legislature approved a law to create a licensing system for companies that provide services related to virtual infrastructure. The new regulation aims to give cryptocurrency exchanges the same level of market acceptance that is currently available to traditional financial institutions.
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