HSBC’s Hong Kong subsidiary announced that its clients can trade ETF tracking Bitcoin and Ethereum, which have been listed on the local stock exchange.
Currently, cryptocurrency ETFs listed in Hong Kong include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
— Wu Blockchain (@WuBlockchain) June 26, 2023
Clients have access to CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. The instruments track the performance of futures-based exchange-traded funds traded on the CME.
HSBC Hong Kong became the first among major institutions to offer such a service.
Clients can access it via mobile and online banking apps. To invest, they should consult the educational centre for materials and information on risks.
In October 2022, the local Financial Services and Treasury Bureau published a statement on easing restrictions on cryptocurrencies and its readiness to engage with virtual asset service providers.
In January 2023, Hong Kong’s Financial Secretary Paul Chan announced the jurisdiction’s ambition to welcome companies from the industry worldwide.
In April, the High Court of the Special Administrative Region recognised digital assets as property. In the same month, local authorities urged banks to service regulated cryptocurrency platforms.
Since June 1, 2023, the Securities and Futures Commission (SFC) rules have established safekeeping of assets, their segregation, avoidance of conflicts of interest, and cybersecurity standards.
Earlier this spring, media reported that Hong Kong banks, including a unit of the state-owned Bank of Communications of China, began servicing crypto companies.