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Tiger Brokers has launched digital asset trading services in Hong Kong as the city continues to embrace the crypto sector.
Professional investors can now trade 18 cryptocurrencies as well as stocks, futures, US Treasury bonds and Hong Kong's new Bitcoin ETFs. Such investors must have an investment portfolio valued at more than 8 million HKD and corporate entities with assets exceeding 40 million HKD.
Tiger Brokers operates under local regulatory oversight and has partnered with HashKey Exchange to offer its services. Transaction fees are competitive at just 0.2% and its digital asset trading offers instant settlement and 24/7 availability.
Tiger Brokers plans to extend these services to retail investors pending regulatory approval. It may also introduce additional features like virtual asset spot withdrawal and deposit services.
The NASDAQ-listed firm was recently granted a Type 9 license, which permits the offering of comprehensive asset management services.
John Fei Zeng, chief financial officer and director of Tiger Brokers stated, "As investors' asset allocation requirements become increasingly diverse, our expanded product portfolio will help them seize various market opportunities."
At the end of last month, Hong Kong debuted its Bitcoin and Ethereum ETFs. However, its launch was met with a weak start, drawing in just $12 million in trading volume on its first day compared to the $4.6 billion debut in the US.
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"With Hong Kong's efforts to develop into a Web3.0 hub, we are confident in its vision," Zeng said. "Hong Kong is one of the pioneering international financial centers introducing comprehensive regulations for virtual asset and fostering a trading-friendly environment."
