Increasing Number of Hong Kong Brokerages Offering Cryptocurrency Trading Services

Increased Number of Brokerages in Hong Kong Offering Crypto Trading Services


By Hongji Feng
Updated:
June 14, 2024 05:36 EDT
|
1 min read


With Victory Securities leading the way in expanding its crypto offerings, a growing number of brokerages in Hong Kong are now providing options for trading virtual assets.
According to a recent report by the Securities Times, several brokerages in Hong Kong, such as Victory Securities, Tiger Securities, and Interactive Brokers, have introduced services that allow investors to directly trade Bitcoin and other virtual assets through their platforms.
Victory Securities Enhances Services with Stablecoin Deposits
On June 12, Victory Securities announced that it would now be offering stablecoin deposit and withdrawal services for professional investors, including Tether (USDT) and USD Circle (USDC). These new services can be accessed through the VictoryX App.
Previously, Victory Securities had already introduced Bitcoin (BTC) and Ethereum (ETH) trading for retail investors on the same platform after obtaining the necessary license from the Hong Kong Securities and Futures Commission (SFC) in November 2023.
The company was the first to receive the required licenses for virtual asset operations, which include Type 1 for Virtual Asset Trading, Type 4 for Virtual Asset Advisory Services, and Type 9 for Virtual Asset Management Services.
Victory Securities Executive Director Kennix Chan stated, “With our platform, investors can now trade a wide range of virtual assets from different exchanges, and with the addition of stablecoin deposit and withdrawal services, we can offer them even more diverse investment opportunities.”
The company also has plans to introduce a new “Convert” feature to allow investors to instantly invest in and trade stablecoins, enhancing the overall user experience.
Tiger Brokers Enters Hong Kong Crypto Market
Additionally, Tiger Brokers officially launched its virtual asset trading services on May 6, providing investment options for 18 different cryptocurrencies, including Bitcoin and Ethereum.
By integrating crypto trading services with traditional financial services like stocks, options, futures, and bonds on its flagship platform Tiger Trade, Tiger Brokers has become the first online brokerage in Hong Kong to offer both crypto and stock trading options.
The report also suggests that some brokerages in Hong Kong are now generating a significant portion of their revenue, ranging from a quarter to one third, from crypto services. These early adopters in the sector have seen returns from their crypto investments surpassing the initial costs.
Follow Us on Google News