Hong Kong takes crypto China narrative forward with crypto trading launch by securities firm
- Hong Kong-based securities firm announced the launch of cryptocurrency trading on its platform.
- While banking institutions have raised concerns of money laundering and delayed the onboarding of crypto clients, the firm opened doors to crypto trade.
- The securities firm successfully completed its first virtual asset transaction early on Saturday.
Hong Kong, China’s Special Administrative Region (SAR) is consistent in its efforts to emerge as a crypto hub. The government instructed banks and financial institutions to welcome licensed crypto entities and roll-out services to them, to make operations smoother for virtual asset firms.
A Hong Kong-based securities firm has announced its first successful crypto trade, fueling the bullish narrative of crypto adoption in China’s SAR.
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Hong Kong-based securities firm offers crypto trading services
Quam Securities became the first Hong Kong-based securities firm to launch crypto trading services. A user successfully completed the first virtual asset transaction on HashKey PRO through Hong Kong Quam Securities APP. This move by the securities firm marks the virtual asset trading solution available to brokerages in China’s SAR.
The firm rolled out crypto trading alongside real-time market support for 50 order prices. While banks and financial institutions in the company are lagging behind in offering services to licensed crypto entities, the move by the securities firm is aligned with Hong Kong’s initiative to emerge as a crypto hub in Asia.
Quam Securities announced the details of the first successful transaction early on Saturday, garnering appreciation from Hong Kong-based crypto community of traders.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
