Breaking: Largest Hong Kong Bank HSBC Allows Customers to Buy Bitcoin and Ethereum ETFs

Bhushan Akolkar
June 26, 2023
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HK Bitcoin & Ethereum ETF $12M Volume Is Impressive: Bloomberg Analyst

The latest report in the crypto town is that Hong Kong’s largest banking institution HSBC has started allowing its customers to buy and sell Bitcoin exchange-traded funds (ETFs) listed on the Kong Kong exchange.

The crypto ETFs currently listed on the Hong Kong exchange include the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.

This also makes HSBC the first bank in Hong Kong to allow its customers to buy crypto-derivative products. Popular crypto journalist Colin Wu noted that the “move will expand local users’ exposure to cryptocurrencies in Hong Kong”.

In his reporting, Colin Wu further added: “At the same time, HSBC launched the Virtual Asset Investor Education Centre, investors need to read and confirm the educational materials and risk disclosures in the Virtual Asset Investor Education Center before investing in any Virtual Assets-related products through HSBC HK Easy Invest app, HSB CHK Mobile Banking app and online banking”.

Hong Kong Regulators Pressuring Banks

As per a report earlier this month, Hong Kong regulators have been pressuring banks to work in coordination with local crypto firms. The Hong Kong Monetary Authority (HKMA) also questioned giants like HSBC and Standard Chartered for their unwillingness to take crypto clients.

However, it seems that the regulators have now succeded in convincing the giant banks to serve their crypto customers.

The HKMA informed banks that they should conduct due diligence on crypto companies without imposing excessive burdens, especially for those establishing a presence in the region to explore opportunities.

Although there is no ban on cryptocurrencies, major banks remain reluctant to serve crypto clients due to concerns about potential legal consequences if these clients engage in money laundering or other illegal activities through crypto platforms.

Banks in Hong Kong have to face a delicate balancing act. On one hand, they receive encouragement to support cryptocurrencies and exchanges, but on the other hand, they must remain mindful of the situation in the United States.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.