HSBC, Hong Kong's Largest Bank, Launches Bitcoin and Ethereum ETF Trading on Local Exchange
HSBC became the first bank in Hong Kong to offer its customers the opportunity to purchase crypto derivatives.
Because Bitcoin
June 26, 2023
Hongkong's largest banking institution, HSBC, has recently made headlines in the crypto world by enabling its customers to buy and sell exchange-traded Bitcoin funds (ETFs) listed on the Hong Kong Stock Exchange.
The current list of crypto ETFs available on the Hong Kong Stock Exchange includes the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
With this development, HSBC became the first bank in Hong Kong to offer its customers the opportunity to purchase crypto derivatives. Noted crypto journalist Colin Wu has remarked that this move "will expand local users' involvement in cryptocurrencies in Hong Kong."
Regulatory authorities in Hong Kong have been pressuring banks to collaborate with local cryptocurrency companies. The Hong Kong Monetary Authority (HKMA) also questioned giants like HSBC and Standard Chartered for their reluctance to onboard crypto customers.
However, it appears that the regulators have successfully convinced major banks to serve their crypto customers. The HKMA informed banks that they should assess cryptocurrency companies with due diligence without imposing excessive burdens, especially on those establishing a presence in the region.
Although there is no ban on cryptocurrencies, large banks continue to hesitate in serving crypto customers due to concerns over potential legal consequences if these customers engage in money laundering or other illicit activities through crypto platforms.
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