- Investment banking firm UBS Group has partnered with rival HSBC to enable certain crypto-based ETFs for Hong Kong clients.
- Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs are part of the offerings.
- Hong Kong regulators are allowing retail investors to participate in spot cryptocurrency ETFs.
On November 10, Bloomberg reported that the Swiss Investment banking company UBS Group AG has joined hands with competitors like HSBC Holdings Plc to offer trading of certain exchange-traded funds linked to crypto for their Hong Kong clients. This move aligns with the city’s efforts to promote itself as a hub for digital assets.
On Friday, three crypto ETFs authorized by the Securities and Futures Commission (SFC) will be available to affluent clients on UBS’s Hong Kong platform, according to Bloomberg’s source. Furthermore, the source added that the Swiss bank has incorporated the Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs, alongside educational materials to study associated risks.
Earlier, another Switzerland-based bank was granted approval to offer crypto-related services in Hong Kong. On November 8, crypto-focused bank SEBA announced that it secured a license from the city-state’s SFC, allowing it to facilitate both traditional securities and crypto services.
When it comes to approving crypto ETFs, Hong Kong is making rapid progress while expanding accessibility for investors. Previously, Coin Edition reported that the city’s securities regulators are actively exploring the possibility of allowing retail investors to participate in spot cryptocurrency ETFs, marking a significant step toward establishing itself as a digital assets hub in the Asia-Pacific region.
Moreover, Julia Leung, the CEO of Hong Kong’s SFC expressed the regulator’s willingness to embrace innovative technology that improves efficiency and customer experience. Leung affirmed:
We’re happy to give it a try as long as new risks are addressed. Our approach is consistent regardless of the asset.
On the other hand, HSBC Holdings Plc is reportedly planning to offer custody services for digital assets, including tokenized securities, to its institutional clients. This initiative is a collaboration with Metaco, a Swiss-based institutional digital asset custody and DeFi firm owned by Ripple Labs. As per Reuters, the bank has indicated that these services are expected to be operational by 2024.
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