Hong Kong’s largest bank HSBC now lets users trade Bitcoin (BTC) and Ether (ETH) ETFs available on the local stock exchange.
Three of these exchange-traded funds are available on Hong Kong’s 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 the Chinese special administrative region meant to pull digital asset businesses into the region and set up a global crypto hub.
Hong Kong’s largest bank HSBC officially enabled the trading of Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) that are listed on the region’s local stock exchange. The news was first reported by reporter Colin Wu also known as WuBlockchain.
Earlier in June, the Financial Times reported that the Hong Kong Monetary Authority (HKMA) was pushing for major financial institutions like HSBC, Standard Chartered, and Bank of China to onboard crypto service providers like exchanges as clients.
HSBC became the first bank in the special administrative region in China to allow easy access to Bitcoin and Ether ETF trading. According to Wu, users will be able to 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 Centre to sensitize investors on risk and disclosure related to crypto asset investment.
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 firms and virtual asset service providers.
Policymakers from the special administrative region also met with counterparts from the UAE to discuss crypto regulations amid a crackdown on digital assets in the U.S.