Futu Securities International, Hong Kong’s largest online brokerage, has launched cryptocurrency trading for its 22 million customers, making it the first brokerage to directly offer Bitcoin and Ether trading to Hong Kong-based retail investors. The service debuted on July 23, according to the South China Morning Post.
This move reflects growing investor interest in cryptocurrencies, with Bitcoin’s open interest reaching a record high of $39.4 billion on July 29, sparking expectations of a potential price breakout.
The introduction of the first spot Ether ETFs in the United States has also bolstered institutional interest in cryptocurrency. Asset management giant Franklin Templeton has partnered with SBI Holdings to establish a crypto ETF management company in Japan, aiming to provide easier access to crypto-based trading products. The joint venture may launch a Japan-based crypto ETF once the regulatory framework allows.
Further highlighting the rising institutional interest, BitFlyer Holdings has acquired FTX Japan and plans to potentially launch crypto ETFs for Japanese investors.
Hong Kong has set its sights on becoming a global hub for crypto and blockchain innovation. In July, Hong Kong unveiled its new stablecoin licensing regime, which received general support after a two-month public consultation period. Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), emphasized that a well-regulated environment would support the sustainable development of Hong Kong’s stablecoin ecosystem.
However, Hong Kong faces challenges in achieving its crypto hub ambitions, including a notable withdrawal of license applications from crypto firms. As of July 22, 13 cryptocurrency exchanges or trading platforms have withdrawn their license applications in Hong Kong, with one application returned for undisclosed reasons.