HSBC Hong Kong, the largest bank in the special administrative region of China, has announced that it now allows customers to trade bitcoin and ether exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange.
According to screenshots of the platform seen by The Block, HSBC Hong Kong’s investment platform features three crypto ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
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. pic.twitter.com/vH0LieSVGw
— Wu Blockchain (@WuBlockchain) June 26, 2023
HSBC Hong Kong users can easily trade crypto ETFs
This development enables Hong Kong-based users to conveniently engage in crypto ETF trading through the bank. Wu claims that HSBC Hong Kong is the first bank in the region to allow trading in crypto ETFs, with the ETF listings taking place today.
CSOP Asset Management oversees the management of two ETFs, namely the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF. These ETFs are designed to mirror the performance of standardized and cash-settled Bitcoin futures contracts and Ether futures contracts traded on the Chicago Mercantile Exchange (CME), respectively.
These ETFs were listed on Hong Kong’s stock exchange in December of the previous year. On the other hand, Samsung Bitcoin Futures Active ETF, managed by Samsung Asset Management Hong Kong, debuted in January.
Recently, Hong Kong introduced a new licensing regime for crypto platforms in its efforts to attract more crypto firms to the region amidst increased regulatory scrutiny in the United States.
It has been reported that the Hong Kong Monetary Authority (HKMA), Hong Kong’s banking regulator, is pressuring HSBC, Standard Chartered, and Bank of China, who have a special role as issuers of the city’s currency, to accept crypto exchanges as clients.