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The Tencent-backed Futu has planned to apply for ‘digital currency-related licences’ in the US, Singapore and Hong Kong.
China recently reiterated its stance on cryptocurrency and related products and services in a joint notice signed by the country’s banking and internet industry associations, saying virtual currencies should not and cannot be used in the market because they are not real currencies. This means that the crypto trading platform will not offer its services to its mainland clients.
Earlier in 2021, Futu opened its regional headquarters in Singapore, where it has rolled out its Gen Z-focused investment platform ‘moomoo’.
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