Resume:
- Hong Kong’s largest bank, HSBC, now lets users trade Bitcoin (BTC) and Ether (ETH) ETFs available on the local exchange.
- Three of these exchange-traded funds are available on the Hong Kong Stock Exchange, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
- The move follows the introduction of a crypto licensing regime introduced in China’s Special Administrative Region, aimed at attracting digital asset companies to the region and establishing a global crypto hub.
Hong Kong’s largest bank, HSBC, has officially enabled trading of Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) listed on the region’s local stock exchange. The news came first reported by reporter Colin Wu also known as WuBlockchain.
Earlier in June, the Financial times reported that the Hong Kong Monetary Authority (HKMA) urged major financial institutions such as HSBC, Standard Chartered and Bank of China to onboard crypto service providers such as exchanges as clients.
HSBC became the first bank in China’s Special Administrative Region to allow easy access to Bitcoin and Ether ETF trading. According to Wu, users can trade three ETFs currently listed, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
The giant bank also launched a Virtual Asset Investor Education Center to raise investor awareness of risk and disclosure related to investing in crypto assets.
Hong Kong in the Crypto Hub race
Hong Kong is reportedly pushing to develop its jurisdiction as a global crypto hub, despite prevailing reservations in mainland China and Beijing. In December 2022, Hong Kong lawmakers introduced a licensing regime for crypto companies and virtual asset service providers.
Policymakers from the Special Administrative Region also met with UAE counterparts to discuss crypto regulation during the crackdown on digital assets in the US.