Interactive Brokers introduces crypto trade services in Hong Kong
Interactive Brokers introduces crypto trade services in Hong Kong
- licensed crypto exchanges in Hong Kong may only serve experts
- virtual assets are complex products that are probably not understood by small investors, says the regulatory authority
A partnership between two brokers for digital assets opens up a new way to deal with crypto systems.
OSL, a platform for digital assets regulated by the Securities and Futures Commission (SFC), has agreed to provide interactive brokers a platform to offer its professional customers services for virtual assets Announcement on Thursday.
at the end of 2020 OSL became the first company Permission To receive from the Hong Kong regulatory authority to provide a trading platform for digital assets for institutions. He managed to receive a license according to examination requirements. Interactive Brokers' partnership with the stock exchange underlines its weight on the market.
"Investors worldwide flock to the markets for digital assets, and working with OSL comes at a crucial time in the development of the regulated ecosystem for digital assets in Hong Kong," said David Friesland, Head of Asia-Pacific at Interactive Brokers, in an explanation.
In January of this year, the Hong Kong Monetary Authority said that financial institutions may only operate the business by SFC. In a
"Hong Kong has one of the world's highest concentrations of institutional and professional investors as well as a clear regulatory system for digital assets," said Wayne Trench, Chief Executive from OSL, in an explanation. Hong Kong was a breeding ground for some of today's best-known blockchain and crypto companies, including Crypto.com, Bitmex, Bitfinex. Also the popular stablecoin tether war Started there in 2014. But strict regulations, including the rule, limited the services to professional investors, some companies, to other markets, to other markets to avoid. The SFC recently aimed at non-funnia token and warned that investors should not invest in NFTs if they “do not fully understand them and carry the potential losses. China's reservations about cryptocurrencies have also mixed up Hong Kong's role as a turntable for fintech innovations. Many crypto exchanges applied to the Hong Kong license agreement, but OSL has been the only successful. The contribution Interactive Brokers starts crypto trade services in Hong Kong is not a financial advice.
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