HSBC Launches Cryptocurrency Trading Services in Hong Kong, Offering Bitcoin and Ethereum ETFs
In a significant development, HSBC, the largest bank in Hong Kong, has reportedly introduced its initial range of cryptocurrency services tailored for the local market. Customers of HSBC can now engage in the buying and selling of Bitcoin and Ethereum-based exchange-traded funds (ETFs), as revealed by local journalist Colin Wu via a tweet on June 26.
The bank’s cryptocurrency services primarily focus on offering ETFs linked to cryptocurrencies listed on the Stock Exchange of Hong Kong. Presently, three crypto ETFs are available for trading on the exchange, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
The introduction of these services aims to expand the accessibility of cryptocurrencies for local users in Hong Kong. Notably, HSBC Hong Kong reportedly boasts 1.7 million active mobile customers as of March 2022, with approximately 95% of the bank’s retail transactions being conducted online.
Accompanying the launch of its cryptocurrency services, HSBC has also unveiled the Virtual Asset Investor Education Center. This initiative seeks to safeguard investors from potential risks associated with cryptocurrencies by mandating the reading and confirmation of educational materials and risk disclosures before engaging in cryptocurrency investments.
The education center is conveniently accessible through HSBC’s virtual asset-related products, such as the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking platforms.
These developments follow recent media reports suggesting that the Hong Kong Monetary Authority has exerted pressure on major banks, including HSBC and Standard Chartered, to accept crypto exchanges as clients. The region’s central bank and regulator have questioned why these banks were not servicing crypto exchanges, leading to speculation and subsequent action in the crypto market.
