Interactive Brokers gains licensing for retail cryptocurrency trading in Hong Kong, solidifying its position in the growing local market.
The ability to conduct retail cryptocurrency trading in Hong Kong is granted to Interactive Brokers Hong Kong by licensing. The company’s Managing Director for Asia Pacific, David Friedland, verified this change on LinkedIn. It presents the brokerage company as a major force in the developing cryptocurrency market in the area.
The cryptocurrency industry has seen a rise in interest and activity in Hong Kong, with big businesses competing to obtain local authorization. Notably, this development comes after other organizations, like Hashkey and the Swiss cryptocurrency bank SEBA, have reached comparable benchmarks.
More Companies in Hong Kong Get Regulatory Approval for Cryptocurrency
The Hong Kong Securities and Futures Commission (SFC) recently reviewed its regulations regarding cryptocurrencies, limiting some offerings to accredited investors and highlighting the significance of determining a client’s level of awareness before executing a transaction. Notwithstanding the strict regulatory framework, the industry has encountered obstacles like the JPEX affair that caused a stir in the digital asset market.
In a related development, the SFC has granted comparable authorization to Victory Securities, a well-known investing company in Hong Kong, to provide bitcoin services to retail customers. Because of its recognition in Hong Kong, Victory Securities now competes with Interactive Brokers in the retail cryptocurrency market in the area.
Interactive Brokers launched a campaign for UK investors at the beginning of this month. For users that opened stocks and shares investment savings accounts (ISAs) through its portal, the company offered a commission credit of £55. According to the corporation, this incentive allows consumers to access international securities and ISA-related tax benefits.
The European Expansion and Service Improvement of Interactive Brokers
In the meantime, Interactive Brokers’ most recent financial reports showed remarkable growth. The business recorded a 45% year-over-year increase in net revenue in the third quarter, coming in at $1.145 billion. By combining its operations into Ireland, Interactive Brokers is concentrating on boosting its clientele while increasing efficiency in the European market.
In response to significant client growth following Brexit, the company has announced that its branch in Budapest would continue to serve clients throughout Central and Eastern Europe. Aside from that, in September, the brokerage house expanded trading hours for cryptocurrency services and US equities in collaboration with Zero Hash.
