Tiger Brokers launches virtual asset trading services in Hong Kong, officially entering Web3

On May 6, 2024, according to Yahoo Finance, Tiger Brokers (Hong Kong) officially launched virtual asset trading services. Professional investors in Hong Kong can trade 18 virtual assets, as well as various global assets such as stocks, options, futures, US Treasury bonds, funds, etc. through Tiger Trade, the investment platform of Tiger Brokers, in one stop, without having to open and manage different accounts at different brokerages and platforms.

With the successful listing of Bitcoin and Ethereum spot ETFs in Hong Kong, the virtual asset market in Hong Kong has entered a new stage. Institutional and retail investors from traditional finance already have a variety of entry options; if the market wants to continue to move forward, it needs to start working on innovation and distribution promotion. In this process, the importance of brokerages in the role of "bridge" connecting investment and Web3 will increase day by day. In the face of "old money", the brokerage firm's expertise and experience in risk management will be an important barrier to protect the safety of investors' assets and an important support for the continued expansion and deepening of the market.

As a member of the traditional brokerage firm, Tiger Brokers also seized this opportunity and actively launched a layout in the virtual asset market. In this article, Bailu Living Room will help readers understand Tiger Brokers' virtual asset layout and find more opportunities.

Tiger Brokers

Founded in 2014 and headquartered in Beijing, China, Tiger Brokers focuses on improving the trading efficiency of individual investors. The company provides trading services for US stocks, Hong Kong stocks, and British stocks, and has obtained brokerage licenses or permits in the United States, New Zealand, and Australia. Tiger Brokers (Hong Kong) is a branch of Tiger Brokers in Hong Kong, holding Class 1, 2, 4, 5, and 9 licenses issued by the Hong Kong Securities and Futures Commission.

In 2023, Tiger Brokers' total revenue was US$273 million, up 21% from 2022; by the end of 2023, Tiger Brokers' total customer assets reached US$30.6 billion, up more than 100% year-on-year; in the third quarter of 2023, Tiger Brokers added 29,000 new global account opening customers, totaling 2.15 million; and added 25,000 new funded customers, totaling 870,000. Tiger Brokers' business performed well in 2023, and the company's global expansion and product innovation also contributed to its growth.

Completed Type 1 license upgrade
Approved for Type 9 license by the Hong Kong Securities and Futures Commission

On January 25, 2024, Tiger Brokers announced that it had obtained the Hong Kong Securities and Futures Commission's upgrade of its Type 1 license conditions, allowing professional investors to trade virtual assets through Tiger Brokers on the SFC-licensed platform. In the future, Tiger Brokers plans to open virtual asset trading to retail investors on the premise of meeting regulatory requirements.

In this regard, Zeng Qingfei, Chief Financial Officer of Tiger International, said: "This license upgrade is an important step for Tiger Securities. We are very happy to introduce virtual asset transactions in the future to further meet customers' trading needs in this important field."

On March 28, 2024, Tiger Brokers (Hong Kong) has obtained the 9th type license approved by the Hong Kong Securities Regulatory Commission to provide asset management services. In the future, it can provide investors with a series of asset management services, including dedicated account services for retail and professional investors, and management of collective investment plans for professional investors.

Xu Yang, partner of Tiger International, said that in addition to professional investors, this 9th license also allows Tiger to provide full power of attorney dedicated account services to retail investors, lowering the entry threshold.

Officially launched virtual asset trading services

On May 6, 2024, Tiger Brokers (Hong Kong) announced the official launch of virtual asset trading services, becoming one of the first technology brokerages in Hong Kong to support one-stop trading management of traditional securities and virtual assets.

Tiger International Chief Financial Officer Zeng Qingfei said: "Tiger Brokers is honored to be one of the first Internet brokerages to launch virtual asset trading in Hong Kong, taking the lead in meeting investors' demand for virtual asset trading. Investors' asset allocation needs are becoming more diversified, and Tiger Brokers' richer product portfolio will help investors capture different investment opportunities in the market; Tiger Brokers' unified trading platform will help investors seamlessly trade and manage different types of investments, improving user experience and further increasing investment efficiency."

"Tiger Brokers will provide competitive trading rates. The commission for virtual asset trading is as low as 0.2% of the transaction amount, and the custody fee is waived. Unlike stock trading, virtual assets are settled instantly and can be traded 24 hours a day. Through Tiger Trade's easy-to-use interface platform, all registered users in Hong Kong can also view real-time quotes and rankings of virtual assets, and keep up with the virtual asset market anytime, anywhere. In addition, Hong Kong dollars and US dollars can also be exchanged instantly on a T+0 basis in the Tiger Trade App."

Currently, Tiger's virtual asset trading services are only available to professional investors. In the future, subject to regulatory requirements, Tiger Brokers plans to extend virtual asset trading services to retail investors. In addition, the company will also consider adding virtual asset spot deposit and withdrawal services.

The launch of Tiger Brokers (Hong Kong)'s virtual asset trading services not only provides professional investors with more investment options and convenience, but also heralds further opening and innovation of Hong Kong's financial market in the field of virtual assets. With the gradual improvement of the regulatory framework and the continuous maturity of the market, brokerages will open up more virtual asset businesses to institutional and retail investors, thereby promoting Hong Kong to become an important hub for global virtual asset trading.