Hong Kong Brokerages Embrace Crypto Trading Services
By Hongji Feng
Updated on: June 14, 2024 05:36 EDT | 1 min read
The crypto wave is sweeping through Hong Kong as more brokerages, including Victory Securities, Tiger Securities, and Interactive Brokers, are now offering virtual asset trading options, as reported by the Securities Times.
Victory Securities, in particular, has taken a significant step by introducing stablecoin deposit and withdrawal services for professional investors on June 12. Tether (USDT) and USD Circle (USDC) are now supported on the VictoryX App, expanding the range of services available to users.
Having already provided Bitcoin (BTC) and Ethereum (ETH) trading for retail investors since obtaining a license from the Hong Kong Securities and Futures Commission (SFC) in November 2023, Victory Securities continues to lead the way in the virtual asset market. The company holds licenses for Virtual Asset Trading, Virtual Asset Advisory Services, and Virtual Asset Management Services, making it a one-stop platform for investors.
Kennix Chan, Executive Director of Victory Securities, expressed excitement about the expanded services, stating, “Investors can now trade a wide range of virtual assets from different exchanges via Victory Securities’ Platform. With the newly launched stablecoins deposit and withdrawal services, we can provide them with more diversified investment choices.”
Meanwhile, Tiger Brokers joined the fray on May 6 by officially launching virtual asset trading services, offering investment opportunities in 18 cryptocurrencies, including Bitcoin and Ethereum. By integrating crypto trading services with traditional finance options like stocks, options, futures, and bonds on its Tiger Trade platform, Tiger Brokers has become the first online brokerage in Hong Kong to offer a seamless experience for both crypto and stock trading.
As the report notes, some brokerages in Hong Kong are already reaping significant revenue from crypto services, with early investments paying off handsomely. The future looks bright for the intersection of traditional finance and the crypto market in Hong Kong.
