Tiger Brokers' license upgrade allows for trading of virtual assets, evaluating the listing of competitive coins

Tiger Brokers is evaluating other digital assets such as competitive coins for listing after regulatory approval, and plans to implement an international expansion strategy in licensed markets such as Australia, the United States, Singapore, Hong Kong, the United Kingdom, and New Zealand.

Tiger Brokers Upgrades License, Opens Trading for Virtual Assets

After Hong Kong's regulatory authority relaxed its oversight on cryptocurrencies, traditional financial institutions and securities issuers are eager to obtain licenses for trading digital assets.

Tiger Brokers, also known as Tiger Trade, had its Type 1 license conditions upgraded by the Securities and Futures Commission (SFC) of Hong Kong in January this year, allowing professional investors to trade virtual assets on the Tiger Trade flagship trading platform. It was one of the earliest internet brokerages in China to receive this license upgrade.

John Fei Zeng, the CFO of Tiger Brokers, mentioned in an interview with Cointelegraph that the company currently has 865,500 fund accounts and manages assets worth 18.9 billion USD.

He stated:

Once approved by the SFC, Tiger Brokers will also accept retail investors. Residents of Hong Kong will be able to trade virtual assets such as Bitcoin and Ethereum, as well as stocks, options, futures, funds, and ETFs through Tiger Trade.

Tiger Brokers Evaluating Listing of Competing Coins

Tiger Brokers is also evaluating other digital assets like competing coins for listing after regulatory approval and plans to implement an international expansion strategy in licensed markets such as Australia, the United States, Singapore, Hong Kong, the United Kingdom, and New Zealand.

John Fei Zeng mentioned:

In addition to stocks and options, cryptocurrencies are becoming an important asset class. Therefore, adding asset classes is a natural extension of brokerage business, and the underlying Web3 technology can be integrated with Tiger Brokers' fintech background.

He also revealed that in order to encourage new clients to choose compliant and secure virtual asset trading services, they will introduce various trading discounts in the future.

Despite many cryptocurrency exchanges claiming to enter the Hong Kong market last year, with Bybit recently submitting an application, the SFC announcement shows that currently only HashKey and OSL exchanges have obtained licenses.