Interactive Brokers Enables Crypto Trading for Retail Clients in Hong Kong
Interactive Brokers, a major brokerage firm, has introduced cryptocurrency trading for retail customers in Hong Kong. This new service is being offered in collaboration with OSL, a crypto exchange that has obtained a Virtual Asset Service Provider (VASP) license in Hong Kong. Through a unified platform powered by OSL, retail investors in Hong Kong can now easily access digital asset trading.
According to Interactive Brokers’ website, clients in Hong Kong can hold Bitcoin (BTC) or Ether (ETH) in their personal accounts alongside other assets such as stocks, derivatives, commodities, and forex. The commission for each trade ranges from 0.20% to 0.30% of the transaction value.
OSL Receives $90 Million Equity Investment
BC Technology Group, the parent company of OSL exchange, recently secured a $90 million equity investment from blockchain firm BGX. Previously, BC Technology Group had considered selling the OSL exchange for 1 billion Hong Kong dollars ($128 million).
Momentum Hindered by Exchange Scandals
Hong Kong was among the first jurisdictions to grant licenses to cryptocurrency exchanges. However, the industry has faced setbacks due to several exchange scandals. In September, JPEX, one of the largest crypto exchanges in the region, collapsed and resulted in 66 arrests and estimated losses of 1.6 billion Hong Kong dollars ($205 million). Another unlicensed exchange called Hounax allegedly scammed 145 residents out of 148 million HKD ($18.9 million) through a Ponzi scheme.
Hot Take: Interactive Brokers Expands Crypto Trading Opportunities in Hong Kong
Interactive Brokers’ decision to offer crypto trading to retail clients in Hong Kong demonstrates the growing acceptance and demand for digital assets in the region. By partnering with OSL, a licensed crypto exchange, Interactive Brokers is able to provide a secure and regulated platform for investors to access cryptocurrencies like Bitcoin and Ether. This move not only expands the options available to retail investors but also contributes to the overall growth and development of the cryptocurrency industry in Hong Kong. However, it remains crucial for investors to exercise caution and conduct thorough research before engaging in crypto trading, considering the recent exchange scandals that have occurred in the region.
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