A Hong Kong-based Security firm has introduced cryptocurrency trading on its platform, however, banking institutes are raising concerns about money laundering. Although banking institutions are postponing the onboarding of crypto clients, the firm has now embraced crypto trading.
Hong Kong, as China’s Special Administrative Region (SAR), remains steadfast in its endeavor to establish itself as a crypto hub. The government has issued instructions to banks and financial institutions to embrace licensed crypto entities and provide services to facilitate smoother operations for virtual asset firms.
A securities firm based in Hong Kong has recently reported its first successful cryptocurrency trade, adding momentum to the bullish narrative surrounding crypto adoption in China’s SAR.
Quam Securities (Hong Kong-Based) Offers its First Crypto Service
Quam Securities, a Hong Kong-based firm, has introduced crypto trading services, making it the first securities company in Hong Kong to do so. A user successfully executed the inaugural virtual asset transaction on HashKey PRO through the Hong Kong Quam Securities APP. This milestone represents a significant step towards providing virtual asset trading solutions to brokerages in China’s SAR.
The firm introduced crypto trading with real-time market support for 50 order prices. While banks and financial institutions in the region are yet to catch up in providing services to licensed crypto entities, this move by the securities firm aligns with Hong Kong’s initiative to establish itself as a prominent crypto hub in Asia.
Quam Securities disclosed the specifics of its first successful transaction early on Saturday, receiving positive feedback and appreciation from the crypto community of traders based in Hong Kong.
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