HSBC Launches Cryptocurrency Services In Hong Kong

June 26, 2023

HSBC rolls out cryptocurrency services in Hong Kong

The three popular crypto ETFs that are listed on the Hong Kong Stock Exchange seem to be accessible for trading at Hong Kong’s largest bank. Hong Kong and Shanghai Banking Corporation (HSBC) which is the city’s largest bank have introduced its first local cryptocurrency services. The local writer Colin Wu tweeted about the same stating that HSBC now allows customers to trade Bitcoin and Ethereum-based exchange-traded funds (ETFs).

Reportedly, HSBC will provide Bitcoin ETFs listed on the Hong Kong Stock Exchange. The exchange now lists three crypto ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. The goal of the move is to increase local people’s exposure to cryptocurrencies in Hong Kong. According to web statistics, as of March 2022, HSBC Hong Kong had 1.7 million active mobile users. According to reports, over 95% of all HSBC retail transactions in Hong Kong are performed online.

The new offerings coincide with the rumored introduction of the Virtual Asset Investor Education Centre by HSBC. The program is intended to safeguard investors from cryptocurrency-related dangers by requiring them to read and validate educational materials as well as risk disclosures before investing. According to reports, the instruction center is available on HSBC’s virtual asset-related products such as the HSBC HK Easy Invest app, the HSBC CHK Mobile Banking app, and internet banking.

The announcement comes shortly after media reports in mid-June revealed that the Hong Kong Monetary Authority was pressuring large banks to accept crypto exchanges as clients. The region’s central bank and regulator explicitly questioned HSBC and Standard Chartered about why they did not accept crypto exchanges as clients.

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