The largest bank in Hong Kong is reportedly now allowing clients to trade Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs).
Crypto journalist Colin Wu reports that British multinational bank HSBC is now allowing BTC and ETH ETF trading on the Hong Kong exchange.
“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.”
According to Wu, three crypto ETFs are currently listed on the Hong Kong exchange.
“Currently, cryptocurrency ETFs listed in Hong Kong include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.”
CSOP stands for China Securities and Futures (Holdings) Company Limited. CSOP Bitcoin Futures ETF (3066 HK) is an exchange-traded fund that tracks the price of Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). The CSOP ETH Futures ETF (3068 HK) is an ETF that tracks the price of Ether futures contracts traded on the CME. The Samsung Bitcoin Futures Active ETF is similar to the CSOP Bitcoin Futures ETF.
Wu also says HSBC is launching a blockchain-education initiative aimed at educating investors new to the crypto space.
“At the same time, HSBC launched the Virtual Asset Investor Education Centre, investors need to read and confirm the educational materials and risk disclosures in the Virtual Asset Investor Education Center before investing in any Virtual Assets-related products through HSBC HK Easy Invest app, HSB CHK Mobile Banking app and online banking.”
Earlier this month, crypto exchange Coinbase was invited to put its base in Hong Kong amid regulatory uncertainty and anti-crypto policies in the US.
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