(BTC) Bitcoin News TodayChinaCryptocurrencyCryptocurrency RegulationETF (Exchange Traded Fund)Ethereum (ETH)Hong KongNewsStablecoinTrading

Hong Kong-based Online Broker Introduces Bitcoin and Ethereum Trading

Futu Securities became the first brokerage in Hong Kong to introduce Bitcoin and Ethereum trading. As per the report, the firm caters to 22 million retail investors based locally in Hong Kong.

Direct Crypto Trading Options for 22M Users

Futu Securities International launched a direct crypto trading option for the first time for their 22 million consumers. Futu Securities introduced Bitcoin and Ethereum for Hong Kong-based investors that are associated with their trading platform.

In this way, Futu Securities has become the first online brokerage firm to offer direct digital asset trading options for retail investors in Hong Kong. The news was covered by a Chinese publication called South China Morning.

The platform was introduced on 23rd July 2024. It indicated the increasing demand for crypto trading among investors. On the day of the launch, the Bitcoin open interest recorded $39.4 billion on 29th July. This was followed by the price hike subsequently.

First spot Ethereum ETF launched in the United States has increased institutional interest for cryptocurrency trading and crypto-backed financial investments. Asset management firm, Franklin Templeton partnered with SBI Holdings to launch a new cryptocurrency ETF in Japan recently.

The venture was directed towards investment access to a new generation of investors to digital asset-backed trading instruments.

Franklin Templeton Offers Japanese Investors to Access Crypto ETFs

Franklin Templeton is negotiating with Japanese regulators to launch a new crypto-ETF. The investment product will be available following regulatory permission as per the spokesperson.

📰 Also read:  Catizen's Surprise Changes to Airdrop Criteria Anger Some Players

The statement from the representative noted that the joint venture will issue a diversified range of investment options such as existing ETFs issued by Franklin Templeton. Regulatory guidelines around digital assets are in a state of flux within the region.

The JV products are subjected to regulatory approval. The increasing institutional interest is also indicated by the acquisition of FTX by BitfFlyer Holdings. The firm has plans to launch crypto ETFs in Japan.

In Asian markets, Hong Kong is on its way to becoming the new center of crypto and blockchain innovations. In July, Hong Kong revealed the new stablecoin licensing process. The regime gained traction among industry forerunners.

The procedure was finalized after a 2-month negotiation with and consultation with the public and concluded in February. Eddie Yue, the CEO of HKMA talked about the positive feedback from the project and put an emphasis for strong support towards the regulatory regime.

He projected that the project is likely to gain strong support and pave the way for a sustainable and responsible stablecoin network within the region. He further added that the firm finds the environment ripe for sustainable and responsible development of stablecoins in Hong Kong.

HKX Exchange Receives Regulatory License in Hong Kong

On the other side, Hong Kong is reeling from regulatory challenges in the way of cementing its position as a global crypto center. One of these factors are banning of popular crypto firms. On 18th July 2024, HKX exchange became the latest firm to join the list of exchange platforms to withdraw licensed applications from Hong Kong regulators.

📰 Also read:  Price Analysis October 1st, 2024 - BTC, SOL, XRP, BNB, and ETH

On 22nd July 2024, 13 exchanges withdrew registration applications from Hong Kong regulators and one applicant returned the registration form on account of classified reasons

dYdX CEO Charles d’Haussy noted that the region is likely to launch the first staked Ethereum ETF. Speaking about the debut of its first Ether staking ETF, he noted that United States regulators may not approve staked ETH ETFs for now but European and adjacent markets can allow investors to initiate into Ethereum staking ETFs. ETFs consist of 75% of investments in crypto.

D’Haussy maintained that regardless of staked or un-staked ETH ETF, the investment product could have massive implications for the spot prices.  He further noticed that it was only a matter of time before the first spot Ethereum ETF launch. He projected that it was imminent and expected to launch in a matter of weeks. He further stated that Ether ETFs could retain 25% of Bitcoin ETF AUM.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Coinbase Wins Partial Victory as Judge Orders SEC to Provide Key Documents

Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content