Interactive Brokers Hong Kong has been licensed to
facilitate retail crypto trading in Hong Kong. This move was confirmed by David
Friedland, the firm’s Managing Director for Asia Pacific. It positions the
brokerage firm as a key player in the region’s evolving crypto landscape.
Hong Kong has witnessed a surge in interest and
activity within the crypto sector, with major companies vying to acquire local
licensing. Notably, this development follows similar milestones achieved by
other entities, such as Hashkey and Swiss crypto bank SEBA.
Recently, the Hong Kong Securities and Futures
Commission (SFC) revisited its crypto policies, restricting certain offerings
to professional investors and emphasizing the importance of assessing client
knowledge before handling transactions. However, amid the stringent regulatory
measures, the sector faces challenges such as the JPEX scandal that rocked the
market.
Separately, Victory Securities, a prominent Hong
Kong investment firm, has secured similar approval from the SFC to offer
cryptocurrency services targeted at retail clients. Victory Securities’
recognition in Hong Kong positions the firm alongside Interactive Brokers in
the retail crypto space.
Early this month, Interactive Brokers introduced a promotion for investors in the UK. The firm presented a commission
credit of £55 for users opening stocks and shares investment savings accounts
(ISAs) through its platform. This incentive, subject to specific terms and
conditions, gives users access to global securities and tax benefits associated
with ISAs.
Interactive Brokers’ European Expansion and
Service Enhancement
Meanwhile, recent financial reports from Interactive
Brokers showcased impressive growth, with a 45% year-over-year surge in net
revenue, reaching $1.145 billion for the third quarter. The firm’s focus on
expanding its European operations, highlighted by the relocation to Ireland, is
a strategic move to optimize efficiency while catering to a growing client
base.
Interactive Brokers recently revealed its decision
to consolidate European brokerage operations by relocating to Ireland. The move
involves merging Interactive Brokers Central Europe, previously based in
Budapest, with Interactive Brokers Ireland as part of streamlining efficiency.
While Budapest’s branch will continue serving
clients across Central and Eastern Europe, the move signified the company’s
response to substantial client growth post-Brexit
