On February 14, global brokerage business Interactive Brokers, which is based in the United States, announced that it will launch its cryptocurrency trading services in Hong Kong for institutional clients. Together with OSL Digital Securities, a digital asset brokerage and trading platform for professional investors that is regulated by the Securities and Futures Commission, cryptocurrency trading services are now available to the public.

Hong Kong residents who have investment assets totaling more than HK$8 million (USD 1 million) or institutions with investment assets totaling more than HK$40 million (USD 6 millions) can now trade CRYPTOCURRENCIES on the Interactive Brokers platform along with other asset classes.

Previously, for investors to trade cryptocurrencies and other asset classes, they had to use a wide range of trading platforms provided by a wide variety of brokers and exchanges. However, when using the Interactive Broker platform, investors can trade cryptocurrencies and monitor their balances through a single platform that provides a consolidated picture of all their accounts.

In addition to Bitcoin (BTC) and Ether, Interactive Brokers clients can trade stocks, options, futures, bonds, event contracts, mutual funds, and exchange-traded funds, all from a single screen. These clients use centralized cash management (ETH).

The introduction of trading services for cryptocurrencies comes at a crucial point in the development of the regulated market for digital assets in Hong Kong. In January, Paul Chan, Hong Kong’s finance secretary, announced that the Hong Kong government is open to working with cryptocurrency and fintech companies in 2023. Paul Chan also stated that the Hong Kong government is open to working with fintech companies. in 2023. The official went on to say that many different corporate groups want to expand their operations in Hong Kong or list their companies on local markets.

Hong Kong lawmakers reached a consensus on new legislation in December 2022 to establish a licensing system for companies that provide services linked to virtual assets. This legislation was adopted. The goal of the recently proposed regulatory framework is to provide cryptocurrency exchanges with a degree of market acceptability equivalent to what already exists for mainstream financial institutions.