On Monday, Interactive Brokers, an automated global electronic broker, launched cryptocurrency trading in Hong Kong. The company said in a press release that professional investors registered on its platform can now trade Bitcoin (BTC) and Ethereum (ETH).
To qualify for Professional Investor status in Hong Kong, individuals must have at least HKD 8 million in investable assets, while institutions must have a minimum of HKD 40 million in investible assets and be residents of or incorporated in Hong Kong.
Trading Stocks and Crypto In One Platform
Interactive Brokers’ integration of BTC and ETH trading on its platform will allow investors to trade digital assets alongside other global products from a single unified platform, providing a “unified client experience,” according to the company.
David Friedland, Head of APAC, Interactive Brokers, said,
“Investor demand for digital assets continues to grow in Hong Kong and around the world, and we are pleased to introduce cryptocurrency to address the trading objectives of clients in this important market.”
The company claimed that its cryptocurrency trading services in Hong Kong could prove to be much cheaper, with commissions ranging from 0.20% to 0.30% of the trade value.
Interactive Brokers’ clients can trade BTC and ETH, as well as stocks, options, event contracts, mutual funds, and ETFs from the same screen through centralized cash management.
These services are provided by OSL Digital Securities, a digital asset brokerage and trading platform licensed by the Securities and Futures Commission (SFC) for professional investors.
Crypto Regulation in Hong Kong
Hong Kong’s Securities and Futures Commission (SFC) is reportedly preparing a list of highly liquid whitelisted crypto assets for non-professional or retail investors.
Julia Leung Fung-yee said last month that the SFC does not plan to allow retail investors to trade in all virtual assets, but will set criteria that would allow them to trade only in major virtual assets.
The Hong Kong government brought the cryptocurrency industry under the purview of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 in December, requiring crypto exchanges to obtain licenses before starting operations.
Let AI grow your social media reach and website visits with these 2 tools:
