HSBC, the largest bank in Hong Kong, has reportedly made cryptocurrency exchange-traded funds (ETFs) available for trading. This marks HSBC’s entrance into the cryptocurrency market, showcasing the increasing acceptance and adoption of digital assets in the financial industry.
HSBC, the largest bank in Hong Kong, has reportedly launched its inaugural cryptocurrency services. According to journalist Colin Wu, HSBC now allows its customers to trade Bitcoin and Ether-based exchange-traded funds (ETFs). This development showcases the bank’s entry into the crypto market and highlights the growing adoption of digital assets in the financial sector.
According to the report, HSBC will be providing cryptocurrency exchange-traded funds (ETFs) that are listed on the Stock Exchange of Hong Kong. Presently, the exchange features three crypto ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
SCOOP: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong. pic.twitter.com/vH0LieSVGw
— Wu Blockchain (@WuBlockchain) June 26, 2023
The objective of this initiative is to enhance the accessibility of cryptocurrencies for local users in Hong Kong. Online reports suggest that HSBC Hong Kong had approximately 1.7 million active mobile customers as of March 2022, with about 95% of all retail transactions being conducted online.
In addition to the new cryptocurrency services, HSBC has reportedly introduced the Virtual Asset Investor Education Center. This initiative aims to safeguard investors from potential risks associated with cryptocurrencies. As part of this effort, investors are required to review and acknowledge educational materials and risk disclosures prior to making any investments in virtual assets.
The Virtual Asset Investor Education Center is said to be accessible through various HSBC platforms, including the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking. This ensures that users of HSBC’s virtual asset-related products have convenient access to the educational resources provided by the center.
Shortly before this announcement, there were media reports in mid-June suggesting that the Hong Kong Monetary Authority exerted pressure on major banks, including HSBC and Standard Chartered, to accept crypto exchanges as clients. The central bank and regulator reportedly questioned these banks about their reluctance to engage with crypto exchanges, highlighting the growing interest and importance of the cryptocurrency industry in the region.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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