HSBC, the largest bank in Hong Kong, now makes it easy to buy and sell Bitcoin ETFs listed on the Hong Kong Stock Exchange. Cryptocurrency exchange-traded funds (ETFs) such as CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF are currently available on the Hong Kong stock market.
HSBC is the first Hong Kong bank to offer crypto-derivative products to its clients. Colin Wu, a well-known cryptocurrency reporter, said that this “move will broaden local users’ exposure to cryptocurrencies in Hong Kong.”
According to Colin Wu:
“EXCLUSIVE: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong Stock Exchange, and is also the first bank in Hong Kong to allow it. The move will broaden local users’ exposure to cryptocurrencies in Hong Kong.”
Boost by the Hong Kong Monetary Authority
According to reports from earlier this month, Hong Kong authorities have been pressuring financial institutions to collaborate with local cryptocurrency businesses. The Hong Kong Monetary Authority (HKMA) has questioned the reluctance of financial giants like HSBC and Standard Chartered to accept cryptocurrency clients.
However, it appears that the authorities have finally convinced major financial institutions to accommodate cryptocurrency consumers. The HKMA recommended financial institutions to properly vette cryptocurrency companies without overly restricting their operations, especially those establishing businesses in the area to investigate potential growth opportunities.
There is no outright ban on cryptocurrency, but large financial institutions are still wary of working with the crypto industry due to the risk of legal repercussions from clients using cryptocurrency for criminal purposes, such as money laundering. money.
