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Online Brokerage Tiger to Offer Crypto Trading in Hong Kong

Tiger Brokers (HK) has officially upgraded its Type 1 license to include virtual asset dealing services, making it one of the first mainstream online brokerage firms in Hong Kong to receive approval for such a license upgrade.

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Tiger Brokers (HK) Global has announced an expansion in its service capabilities with the upgrade of its Type 1 license in Hong Kong. This upgrade now includes a virtual asset dealing service, positioning Tiger as one of the pioneering mainstream online brokerage firms in Hong Kong to secure such a license modification.

This strategic move allows Tiger Brokers (HK) to offer cryptocurrency trading services to professional investor clients in the territory via its Tiger Trade platform. These eligible clients include individuals with investable assets over HKD 8 million ($1.37 million) and corporations with assets above HKD 40 million.

Looking ahead, Tiger Brokers (HK) plans to extend virtual asset trading to retail investors, pending regulatory approvals, the firm said.

Tiger currently serves over 10 million users and over 2 million account holders worldwide, with over 1,000 employees in Hong Kong, Singapore, New Zealand, the US, Australia, and Mainland China. In 2019, the company was listed on Nasdaq as UP Fintech Holding Limited under the ticker TIGR.

Expanding Client Base

By offering both traditional securities and cryptocurrencies, Tiger said it wants to streamline the trading experience on a single platform. Tiger emphasized centralized investment management, allowing clients to better assess and manage their risk exposure across diverse asset classes.

"Investor demand for digital assets continues to grow in Hong Kong and around the world, and we are pleased to expand our business scope to meet the growing demand of clients in this important market," John Fei Zeng, chief financial officer and director of Tiger Brokers, said in an announcement on Friday.

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Burgeoning crypto industry

In December, the territory's SFC announced its openness to the evolving virtual asset market by inviting applications for Virtual Asset Spot Trading Exchange Traded Funds (Virtual Asset Spot Trading ETFs).

Hong Kong's crypto ETF embrace comes as part of a larger regional shift towards embracing the potential of digital currencies and blockchain technology, highlighted by recent revelations from China about its renewed focus on the crypto industry.

Hong Kong's warmer embrace of digital assets also offers mainland investors convenient access to the market. HashKey Group and OSL both hold retail crypto licenses from Hong Kong's Securities and Futures Commission (SFC).

Chinese citizens are reportedly using their $50,000 annual forex purchase quotas to move money into Hong Kong cryptocurrency accounts.

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