Futu Securities has launched a new cryptocurrency trading service in Hong Kong, enabling residents to trade Bitcoin and Ethereum with no transaction fees. This development follows a partnership with HashKey Exchange, one of the few licensed cryptocurrency exchanges in the region.
To attract new users, Futu is offering various incentives. Individuals who deposit HK$10,000 (around $1,280) and maintain it for 60 days can choose between HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba. Those who deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose stock has seen a notable rise of about 130% this year.
In addition to eliminating trading commissions starting August 1st, Futu is seeking a full cryptocurrency exchange license for its platform, PantherTrade. Currently, PantherTrade operates under a provisional licensing status, with 11 other platforms in Hong Kong also awaiting full regulatory approval from the Securities and Futures Commission (SFC).
Despite these positive steps, Hong Kong’s ambition to become a global crypto hub is challenged by the departure of major trading platforms and low trading volumes in crypto ETFs. Increased fraudulent activities, such as recent counterfeit currency scams, have further complicated the landscape. In response, local authorities are strengthening regulatory and law enforcement measures to enhance investor protection and confidence.
Futu’s success in this new venture will hinge on its ability to innovate while maintaining rigorous oversight to ensure a secure trading environment.
