Futu Holdings, a finance and investment services company based in Hong Kong, announced that its subsidiary, PantherTrade, is seeking a license from the Securities and Futures Commission (SFC) of Hong Kong. The SFC is responsible for overseeing the licensing and regulation of certain financial services in the region.
According to the announcement, PanthersTrade is seeking a license enabling it to offer a cryptocurrency trading platform in the city. If successful, the platform will offer services including spot trading, asset management, futures and options, and margin trading.
PantherTrade’s parent company, Futu Holdings, specializes in global online stockbrokerage services, providing its users with direct access to major markets around the world. The licensed platform would grow the firm’s offerings and expand its presence in the emerging crypto asset class.
Futu Holdings is just the latest firm to apply for a crypto trading license in Hong Kong. The firm joins international heavyweights such as the Intercontinental Exchange, Huobi, and Kraken in their Middle East ambitions. So far, the Hong Kong government’s stance on the crypto and blockchain market has been fairly optimistic. Such developments indicate that the region is well-positioned to become a major player in the cryptocurrency industry.