Futu Holdings Subsidiary PantherTrade Seeks Crypto Trading Platform License in Hong Kong

So far six companies, including Panthertrade (Hong Kong) Limited, a subsidiary of Futu Holdings (US: FUTU),have filed for a virtual asset trading platform license in Hong Kong.

PantherTrade recently submitted its application, unveiling plans for a platform named “PantherTrade,” according to records from the China Securities Regulatory Commission.

PantherTrade Hires Former Huobi Investment Director

Key appointments within PantherTrade reveal a strategic vision for its virtual asset trading venture. Chen Zhihu, formerly an investment director at Huobi Asset Management (Hong Kong) Co., Ltd., joins as a director.

Notably, PantherTrade’s corporate establishment in March 2023 saw the addition of Hong Yimin, while the initial director, Fang Xingzhi, previously contributed to Jingdong Securities Co., Ltd.

Recent reports from Nikkei Asia highlighted the increasing interest in virtual asset platform licenses, with Yax and PantherTrade emerging as prominent applicants.

Yax, nurtured by Tiger Brokers (US: TIGR) employees, and PantherTrade, reportedly linked to Futu Holdings, have drawn regulatory attention.

A Futu Holdings spokesman confirmed PantherTrade’s status as one of the conglomerate’s subsidiaries.

Hong Kong Aims to Become International Crypto Hub

Hong Kong granted the first licenses to cryptocurrency companies under a new regulatory framework in August this year. The city’s ambition to thrive in the international crypto arena is evident, with the new rules, effective this year, opening the doors for retail investors to trade crypto on exchanges licensed by the Securities and Futures Commission (SFC).

A significant shift in policy has lifted the restriction on crypto trading, no longer limiting it to professionals with a minimum of $1 million in bankable assets.

This move is part of Hong Kong’s broader plan to attract fresh capital and talent, particularly in the wake of the pandemic and increased crackdowns on political dissent.