Online brokerage UP Fintech Holding Limited (NASDAQ:TIGR) today announced that its Hong Kong subsidiary has officially upgraded its Type 1 license to include its virtual asset trading service.
This successful upgrade opens the door to provide cryptocurrency trading services to Professional Investor clients in Hong Kong through the flagship Tiger Trade platform. By integrating Tiger Brokers’ expertise in brokerage, the company aims to offer professional investors in Hong Kong an unparalleled convenience of seamlessly trading both traditional securities and cryptocurrencies on a unified platform.
In the future, the company also plans to open up virtual asset trading to private investors, subject to regulatory approval.
Following this upgrade, eligible clients, including Hong Kong residents with investable assets of over HKD 8 million or businesses with assets of over HKD 40 million, can seamlessly integrate cryptocurrency trading into their portfolios along with other asset classes available on our flagship Tiger Trade platform.
In the future, Hong Kong residents can easily trade virtual assets such as Bitcoin and Ethereum along with stocks, options, futures, mutual funds and ETFs – all in one place. With centralized investment management, this allows local clients to measure their risk exposure across different asset classes.
John Fei Zeng, Chief Financial Officer and Director of Tiger Brokers, commented:
“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 growing client demand in this important market. Eligible clients will benefit from our low costs and the ability to trade cryptocurrencies along with many other global products from a single platform without having to open an additional account.”