Hong Kong license Interactive Brokers to handle virtual asset trading.
A LinkedIn post by David Friedland, Interactive Brokers Hong Kong’s managing director for Asia Pacific, showed that the brokerage company has been approved for virtual asset trading by Hong Kong’s retail clients.
According to the post, Ether and Bitcoin trading is permitted, with an official statement not far away. The firm failed to respond despite being contacted for extra comments and information concerning the development.
The announcement comes amid the expansion of the crypto industry in Hong Kong. The area has progressively become a crypto-associated activities center, with firms seeking domestic licensing.
Interactive Broker Joins HashKey in Hong Kong
In August, Hashkey is the pioneer crypto exchange to secure permit to provide crypto assets in Hong Kong for retail investors. This month, the Hong Kong Securities and Futures Commission (SFC) licensed SEBA, a Swiss crypto bank, to provide different crypto-associated services to customers.
In September, a scandal hit the Hong Kong crypto scene following assertions that JPEX, an unlicensed crypto exchange, swindled investors out of almost $165M. A month afterward, the Securities and Futures Commission revised its crypto guidelines ‘taking into account the most recent market changes as well as inquiries from the sector.’
Ascertain Investor’s Knowledge on Virtual Assets Investment
The regulator stated that professional investors will access specific digital currency offerings. Additionally, crypto intermediaries must evaluate their awareness of virtual assets investment before dealing with transactions.
Besides limiting certain digital assets offering to professional investors, crypto intermediaries should ascertain the client’s knowledge on virtual assets investing prior to executing the transactions.
The Investor and Financial Education Council of Hong Kong’s latest survey showed that 47% of Hong Kong’s retail investors know about domestic virtual asset laws.
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