The Hong Kong Securities and Futures Commission (SFC) has revealed new developments in the city’s evolving virtual asset regulatory landscape. On November 17, the SFC’s official list of virtual asset trading platform (VATP) applicants showed that six companies are currently in the process of applying for a Virtual Asset Service Provider (VASP) license. Among them is PantherTrade (Hong Kong) Limited, a wholly-owned subsidiary of Futu Holdings Limited (FUTU, NASDAQ), marking a significant step in the firm’s strategic push into Web3 and digital asset services.
PantherTrade’s Leadership: Experience from Huobi and JD Securities
While PantherTrade officially submitted its VASP application in October 2023, what’s drawing industry attention is the depth of experience within its executive team. On September 14, the company appointed Chan Chi Wu as a director. He previously served as Investment Director at Huobi Asset Management (Hong Kong) Limited, bringing substantial expertise in digital asset management to the role.
Another key figure is Hung Yik Man, who joined as a director later. The company was initially incorporated on March 7, with Fong Hang Chi as the first director. Public records show Fong held a senior position at JD Securities Limited from September 2019 to July 2020, adding further credibility to PantherTrade’s leadership profile.
This experienced team signals PantherTrade’s serious intent to comply with Hong Kong’s rigorous regulatory standards and build a secure, professional-grade platform for retail and institutional investors.
Futu’s Growing Web3 Ambitions Behind PantherTrade
PantherTrade’s emergence is more than just a new market entrant—it reflects Futu Securities’ broader strategy to expand into blockchain and digital assets. As a leading digital brokerage, Futu has long dominated the online stock trading space, particularly among users interested in Hong Kong, U.S., and mainland Chinese equities.
According to its latest annual report, as of the end of 2022, Futu’s self-developed digital financial platform—Futubull and moomoo APP—had reached 19.58 million registered users, with 3.23 million funded accounts and 1.487 million asset-holding clients. These figures solidify its position as a market leader, significantly ahead of rivals like Tiger Brokers.
Tiger Brokers reported over 2 million global funded accounts by the end of 2022, with 782,000 funded clients—impressive numbers, but still trailing behind Futu’s scale.
Notably, Tencent Mobility Limited holds a 0.44% stake in Futu Securities, according to public corporate data. While this percentage appears small today, Tencent previously held up to 30.3% of Futu in 2020, highlighting the tech giant’s early confidence in the fintech platform’s growth potential.
This backing from one of Asia’s largest tech conglomerates could provide PantherTrade with strategic advantages in technology integration, user acquisition, and ecosystem development as it ventures into crypto.
Early Signs: Futu CEO Hinted at Bitcoin Services Two Years Ago
Futu’s interest in cryptocurrency isn’t new. As early as April 2021, users on the Futubull platform asked CEO Li Hua whether Bitcoin trading would be available in the future. His response was telling: “It’s highly likely for Hong Kong and overseas customers, but probably not for mainland users.”
However, regulatory headwinds soon followed. By June 2021, BlockBeats confirmed with customer service that both Futu and Tiger Brokers had removed CME Bitcoin futures pricing and trading functionality from their latest app versions.
Later that year, in September, the Futubull app announced it would halt new positions on GBTC and EHTE—crypto-related ETFs—effective October 1, citing compliance with SFC regulations.
These moves indicated a cautious pivot: while eager to explore crypto opportunities, Futu was also committed to staying within regulatory boundaries—a balance it now appears ready to re-engage with under Hong Kong’s clearer VASP framework.
Tiger Brokers Also Eyes Crypto with Yax Platform
Futu isn’t the only traditional brokerage turning toward digital assets. Tiger Brokers (TIGR, NASDAQ) has also signaled its intent to enter the crypto arena.
On April 25, Sing Tao Daily reported that Tiger Brokers (Hong Kong) launched a cash management service and disclosed plans to apply for a VASP license in Hong Kong. The company is reportedly in discussions with partners to make this a reality.
Then, on October 17, Nikkei Asia revealed that both Yax and PantherTrade were in line for VASP licensing, which would allow them to operate retail-facing crypto trading platforms under SFC oversight.
Notably, Yax is an internal startup incubated by Tiger Brokers’ employees, with support from smartphone giant Xiaomi. Insiders suggest Tiger may eventually offer crypto services through its Hong Kong brokerage arm, potentially integrating digital assets into its existing investment ecosystem.
Both PantherTrade and Yax are currently undergoing third-party security and compliance assessments—a mandatory step before the SFC formally accepts their applications.
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Why Hong Kong’s VASP Framework Matters
Hong Kong’s push for regulated virtual asset trading platforms reflects a broader strategy to become a licensed crypto hub in Asia. With clear rules introduced in 2023 requiring all retail-facing crypto exchanges to obtain a VASP license, the city is attracting serious players who value compliance and long-term sustainability.
For firms like Futu and Tiger Brokers, entering this space offers several advantages:
- Access to a regulated market with growing investor interest
- Enhanced credibility through SFC oversight
- Opportunity to cross-sell crypto services to existing brokerage clients
- First-mover advantage among traditional fintech firms transitioning into Web3
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Frequently Asked Questions (FAQ)
What is a VASP license in Hong Kong?
A Virtual Asset Service Provider (VASP) license is issued by the SFC to platforms that offer crypto trading services to retail investors. It requires strict compliance with anti-money laundering (AML), cybersecurity, and investor protection standards.
Is PantherTrade related to Futu Holdings?
Yes. PantherTrade (Hong Kong) Limited is a wholly-owned subsidiary of Futu Holdings Limited, best known for its moomoo and Futubull trading platforms.
Can I trade Bitcoin on Futu or Tiger Brokers now?
As of now, neither platform offers direct Bitcoin trading. However, both are actively pursuing VASP licenses, which could enable such services in the future under Hong Kong regulation.
What is Yax?
Yax is a cryptocurrency platform incubated by employees of Tiger Brokers, with backing from Xiaomi. It is currently applying for a VASP license alongside PantherTrade.
Why are traditional brokers entering crypto?
With increasing demand for digital assets and clearer regulations in markets like Hong Kong, brokers see an opportunity to expand their service offerings and retain clients within a broader financial ecosystem.
When will PantherTrade launch its crypto platform?
No official launch date has been announced. The company is still undergoing third-party assessments required before the SFC reviews its application.
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Final Outlook: A New Era for Fintech and Crypto Convergence
The applications from PantherTrade and Yax signal a pivotal shift: established financial technology firms are no longer观望 (watching from the sidelines). With strong leadership teams, regulatory compliance focus, and massive user bases, companies like Futu and Tiger Brokers are poised to bridge traditional investing and digital assets.
As Hong Kong continues to refine its role as a licensed crypto gateway in Asia, these developments could set a precedent for how global fintech platforms integrate blockchain innovation—responsibly and sustainably.