Interactive Brokers, a US-based global brokerage firm, Announced the launch of its cryptocurrency trading services for institutional clients in Hong Kong on February 14. The cryptocurrency trading services were launched in partnership with OSL Digital Securities, a Securities and Futures Commission-licensed digital asset brokerage and trading platform for professional investors.
Individuals with more than HK$8 million ($1 million) in investable assets, or institutions with HK$40 million ($6 million), who are Hong Kong residents, can now trade with cryptocurrencies along with other asset classes available on the Interactive Brokers platform.
Previously, investors had to use a variety of trading platforms from various brokers and exchanges to trade cryptocurrencies and other asset classes. However, investors can trade cryptocurrencies and view balances through a single platform that offers a unified view using the Interactive Broker platform.
Interactive Brokers clients use centralized cash management to trade stocks, options, futures, bonds, event contracts, mutual funds, and exchange-traded funds from a single screen in addition to Bitcoin (BTC) and ether (ETH).
Related: Hong Kong Securities Regulator Adds Crypto Staff for Industry Oversight
The launch of the crypto trading services comes at a critical time in the development of Hong Kong's regulated market for digital assets. Paul Chan, Hong Kong's financial secretary, stated in January that the Hong Kong government is open to work with cryptocurrencies and fintech businesses in 2023. The official added that many business organizations wanted to increase their operations in Hong Kong or list on local exchanges.
In December 2022, Hong Kong lawmakers passed legislation to create a licensing scheme for companies that offer services related to virtual assets. The new regulatory framework aims to provide cryptocurrency exchanges with the same level of market acceptance that currently exists for traditional financial institutions.
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