Futu now allows its retail clients to trade Bitcoin and Ethereum directly using Hong Kong dollars or U.S. dollars. According to Steve Zeng, managing director of Futu Group, the market’s response has been notably positive since the service went live. This initiative positions Futu as the first online brokerage in Hong Kong to offer zero-commission crypto trading.

To attract more users, Futu is offering incentives, including Bitcoin and shares of Alibaba and Nvidia, to new account holders who maintain their assets for a specific period. This move comes after Futu received a license upgrade from the Hong Kong Securities and Futures Commission (SFC), enabling the firm to provide crypto services to qualified retail investors.

Futu’s crypto trading services are routed through licensed platforms, specifically HashKey, with which Futu has partnered. Additionally, Futu is in the process of obtaining an SFC license for its subsidiary, PantherTrade, to operate as a virtual asset trading platform. PantherTrade is listed as a “deemed-to-be-licensed” applicant by the SFC.

Established in 2012, Futu Holdings went public on the Nasdaq in March 2019 and has since expanded its services globally. Earlier this year, its Singapore subsidiary, Moomoo, received a Major Payment Institution license from the Monetary Authority of Singapore, allowing it to offer crypto trading to local investors.

Unlike mainland China’s restrictive stance on crypto trading and mining, Hong Kong has embraced crypto firms, launching its crypto licensing regime in June 2023. However, concerns over stringent licensing regulations have been raised by lawmakers like Duncan Chiu, who argue that these rules deter major global exchanges from entering the Hong Kong market.

The post Futu Securities International Launches Zero-Commission Crypto Trading in Hong Kong appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.