Two brokers with mainland ties apply for Hong Kong crypto licenses

Others wait for more clarity on city's rules before proceeding

Hong Kong's ambitions to become a crypto hub are attracting interest from mainland China, where retail cryptocurrency trading is banned. © Getty Images

PAK YIU and ECHO WONG, Nikkei staff writers

October 16, 2023 15:00 JST

HONG KONG -- Two more cryptocurrency platforms are lining up to apply for retail trading licenses in Hong Kong, each with links to mainland online securities brokers that have previously come under scrutiny from China's financial regulators, Nikkei Asia has learned.

One is Yax, a platform "incubated" by employees at UP Fintech Holding, also known as Tiger Brokers, according to a spokesperson. The other is PantherTrade, which multiple sources say has ties to Futu, a company backed by Chinese tech giant Tencent. Tiger Brokers is backed by smartphone maker Xiaomi.