02 Aug, 2024

Hong Kong's Futu Securities Launches Bitcoin and Ethereum Trading

In recent developments, Futu Securities International, Hong Kong's largest online broker, has launched retail cryptocurrency trading for Bitcoin and Ethereum. As of August 1, residents in Hong Kong can trade these top cryptocurrencies directly through Futu’s platform, in both Hong Kong and US dollars. This move is a significant step for Futu, following its recent acquisition of an upgraded securities license from the Securities and Futures Commission (SFC) in Hong Kong, allowing it to offer virtual asset services to both professional and retail investors.

The Backdrop and Incentives Involved

This launch is part of Hong Kong's broader strategy to position itself as a favorable environment for cryptocurrency enterprises. Futu has introduced several incentives to attract new traders. New investors who open accounts and maintain a balance of HK$10,000 over two months can earn Bitcoin credits or a share of Alibaba Group Holding. For larger deposits, rewards include shares in Nvidia. Additionally, Futu has initiated a commission-free period for cryptocurrency transactions, increasing its appeal.

Futu's collaboration with HashKey Exchange, a fully licensed cryptocurrency exchange in Hong Kong, ensures compliance with SFC regulations. This partnership guarantees that all transactions are secure and regulated, providing users with a safe avenue for digital asset trading.

Futu's Strategic Move and Its Implications

Futu's entry into the crypto market marks a significant shift, reflecting a growing recognition of the importance of integrating digital assets into the mainstream financial system. By legalizing retail crypto trading, Futu is set to expand its offerings, enhancing its competitive edge in the financial sector.

As Hong Kong aims to become a crypto hub, other financial institutions are also embracing digital assets. Recently, ZA Bank, the largest virtual bank in Hong Kong, announced exclusive reserve bank services for crypto stablecoin issuers. These developments underscore Hong Kong’s commitment to fostering a robust crypto ecosystem.

Expanding Beyond Mainland China

Futu's interest in offering crypto trading services outside mainland China began in May 2021. The company applied for licenses to expand its services to Hong Kong, Singapore, and the United States.

Futu's successful acquisition of an operational license from the SFC makes it the first online securities brokerage firm to offer direct crypto trading services in Hong Kong through its platform, the Futu Niu Niu app. This service is available to both institutional and retail investors, allowing them to purchase as little as $10 worth of Bitcoin and Ethereum.

Additional Offerings and Incentives

Besides crypto trading, Futu is also licensed to offer Bitcoin and Ethereum exchange-traded funds (ETFs) to certified institutions. These institutions can trade Bitcoin and Ethereum futures ETFs and related securities with zero commission. To attract users, Futu has launched an incentive program for early adopters, rewarding participants with tech stocks from companies like Alibaba Group Holding and Nvidia. Additionally, users can claim up to HKD 800 worth of Bitcoin.

05 Aug, 2024

Laos to Digitize Citizenship Records, Prime Minister Says

Prime Minister Sonexay Siphandone has announced plans to establish a new digital national database for citizen registration and identity card issuance, to enhance national security, governance, and administrative efficiency by streamlining the registration process.During a meeting on 2 August, PM Sonexay emphasized the importance of the civil registration process and urged relevant authorities to take full responsibility for its implementation.Under the PM’s instruction, The Ministry of Home Affairs, in collaboration with the Ministry of Public Security, must ensure that the digitization of citizenship records is legally compliant and technically robust.The Ministry of Public Security has been directed to refine relevant legislation, train personnel, develop software, and fully prepare for the digitalized registration of citizens. The ministry will also lead the efforts to build the necessary infrastructure, support the sectors involved at both central and provincial levels, and closely monitor the progress.Furthermore, PM Sonexay instructed the authorities to write reports, collect statistics, and record the progress in citizen registration on a daily, weekly, monthly, semi-annual, and annual basis. This data will be compiled and reported to the government by the Ministry of Public Security.Both ministries are also responsible for overseeing the registration of Lao citizens, foreigners, and stateless individuals authorized to reside in Laos, with strict measures to be enforced against those who do not comply with the registration process.According to the prime minister, the project serves as a top government priority, highlighting the necessity for ongoing monitoring, evaluation, and reporting to ensure its success.

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31 Jul, 2024

Luang Prabang Named Southeast Asia's Top Destinations for 2024

Lonely Planet, the renowned UK-based travel guide website, has named Luang Prabang as one of the seven best places to visit in Southeast Asia for 2024.In their publication on 10 July, the website highlighted Luang Prabang’s rich Buddhist culture, historic temples, and unique spiritual sites as key attractions.The travel publication described Luang Prabang as “an important site for Buddhist culture,” emphasizing the city’s commitment to preserving its ancient temples and spiritual heritage. Beyond its rich traditional heritage, travelers also praise Luang Prabang for its laid-back atmosphere, featuring quaint alleyways, lively festivals, and natural beauty.One of the unique experiences in Luang Prabang is the daily almsgiving ceremony, a centuries-old ritual where monks collect alms from locals and visitors. This practice, typically beginning around 5:30 am, involves people lining the streets with baskets of food, which they offer to the monks in exchange for blessings and good wishes.Lonely Planet also recommends visiting Wat Xieng Thong, one of the most spiritually significant temples in Laos. Dating back to 1560, the temple is renowned for its large mosaics and Tripitaka Library, a small chapel behind the main building. Additionally, Phou Sii (Sacred Mountain) offers visitors a collection of temples and shrines with a view over the World Heritage city.For nature enthusiasts, Kuang Si Waterfalls are a must-see, described by Lonely Planet as “one of Southeast Asia’s dreamiest waterfalls.”Adventurous tourists can also explore Nong Khiaw, a northern village known for its dramatic limestone cliffs and outdoor activities. Accessible by bus, the journey to Nong Khiaw takes about four hours, depending on road and weather conditions.Luang Prabang has seen a surge in tourism, with the Lao New Year festivities from 10-19 April, attracting 110,000 visitors, including over 41,500 foreign tourists—a 364.44 percent increase from the previous year. As part of Visit Lao Year 2024, the city aims to attract more than 1.7 million visitors and generate around USD 900 million in revenue by year’s end.

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