HSBC in Hong Kong takes the lead, allowing retail customers to trade Bitcoin and Ethereum ETFs through the bank.
HSBC Hong Kong has opened up for customers to trade Bitcoin and Ethereum Exchange Traded Funds (ETFs) listed on the Hong Kong Stock Exchange on its platform. According to reports from Wu Blockchain, HSBC is the first bank in Hong Kong to allow trading of crypto ETFs, with the platform currently offering a selection of three funds: 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
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HSBC Offers Three Bitcoin and Ethereum-Related ETFs
HSBC in Hong Kong currently offers three funds for selection, namely the Southbound Dongying CSOP Bitcoin Futures ETF and Ethereum Futures ETF, as well as the Samsung Bitcoin Futures Active ETF. All three are futures ETFs listed on the Hong Kong Stock Exchange, tracking the CME's Bitcoin Futures and Ethereum Futures. In fact, these three funds have all been listed on the Hong Kong Stock Exchange for over half a year, and ordinary investors can trade through cooperating banks or other channels. Here is our complete comparison.
We have also provided a comprehensive introduction to the differences between futures and spot ETFs: What are the differences between Bitcoin Spot ETFs and Futures ETFs? Will BlackRock's supervision sharing agreement have the opportunity to take the lead in spot ETFs?
Hong Kong Actively Supports the Crypto Industry
Hong Kong has recently been actively supporting the crypto industry. According to previous reports, branches of Bank of Communications, Bank of China, and Shanghai Pudong Development Bank in Hong Kong have conducted investigations into related businesses or have started providing services to cryptocurrency companies; Hong Kong's largest virtual bank, "Zhongan Bank," will provide fiat withdrawal channels to the Hong Kong Stock Exchange; and Hong Kong's crypto regulation officially came into effect on June 1, allowing retail consumers to use licensed exchange services, with exchanges taking on the responsibility of protecting retail investors.
According to reports from Wu Shuo Blockchain, HSBC in Hong Kong has launched a virtual asset investor education center, where investors need to read and confirm the educational materials and risk disclosures of the virtual asset investor education center before investing in any virtual asset-related products through the HSBC Hong Kong InvestEasy app to place orders.
