- HSBC is allowing its customers in Hong Kong to buy and sell Bitcoin and Ethereum ETFs.
- HSBC has become the first bank in Hong to enable crypto trading for its customers.
- The bank also launched the Virtual Asset Investor Education Centre to educate customers about crypto investing.
London-based HSBC has become the first bank in Hong Kong to enable crypto investment for its customers. As the largest bank in Hong Kong, HSBC is now allowing its customers to buy and sell Bitcoin and Ethereum exchange-traded funds (ETFs). The move aims to expand the exposure of Hong Kong customers to crypto products.
Crypto reporter Colin Wu took to Twitter earlier today to report the latest development in HSBC’s Hong Kong operations. The bank will allow its customers to invest in crypto ETFs listed on the Hong Kong Exchange (HKEX). The local exchange currently offers three crypto ETFs, namely the Samsung Bitcoin Futures Active ETF, the CSOP Bitcoin Futures ETF, and the CSOP Ethereum Futures ETF.
According to Wu, HSBC has also launched the Virtual Asset Investor Education Centre on its mobile application for Hong Kong customers. Users who use the HSBC HK Easy Invest App, HSBC HK Mobile Banking app, and online banking will be required to read the educational materials and confirm the risk disclosures provided in the Education Centre before they are allowed to invest in crypto products.
HSBC happens to be one of the oldest financial institutions in the area. By enabling access to virtual asset-related products, the bank has paved the way for its over 1.7 million active customers in Hong Kong to invest in digital asset products. Authorities in the special administrative region have been pushing for traditional finance firms to open their doors to crypto clients.
News of HSBC’s latest crypto push comes just days after the Hong Kong Monetary Authority (HKMA) leaned on local banks to accept crypto entities, like centralized exchanges and brokers, as clients. Earlier this year, the Central Bank circulated a notice to financial institutions on the island, requiring them to help virtual asset service providers by giving them access to their banking services.
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