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News - HSBC enables trading in Bitcoin and Ethereum ETFs
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26-06-20231 min read
HSBC enables trading in Bitcoin and Ethereum ETFs
The Hong Kong Special Economic Zone may just become the new crypto hotspot. HSBC, one of Hong Kong's largest banks, is making big moves.
Indeed, the Hong Kong and Shanghai Banking Corporation (HSBC) has plans to be the first bank in that area to offer crypto ETFs. This was reported by on-chain analyst Wu Blockchain on Twitter.
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
According to the report, tradable products include Bitcoin and Ethereum ETFs listed on the Hong Kong Stock Exchange. These include the "CSOP Bitcoin Futures ETF," "CSOP Ethereum Futures ETF" and the "Samsung Bitcoin Futures Active ETF." The announcement follows reports that Hong Kong's crypto sector is wants to break open further. Private investors there have been legally allowed to trade Bitcoin, Ethereum and other digital assets since June 1.
It is therefore no surprise that HSBC is venturing into the digital currency sector. Indeed, Hong Kong regulators had previously pressured regional banks to also open up to the world of crypto.
According to reports in the Financial Times other institutions could follow suit, including Standard Chartered and even the Bank of China.
