HSBC Hong Kong Pioneers Crypto ETF Trading | June 26, 2023

HSBC Hong Kong, a major banking entity in the region, has recently introduced the trading of #Bitcoin and Ether exchange-traded funds #ETFs listed on the Hong Kong stock exchange. With three crypto ETFs - CSOP Bitcoin Futures ETF, CSOP #Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF - now available on its platform, #HSBC Hong Kong has become the region's first bank to facilitate such trading, providing a convenient avenue for local customers to venture into crypto ETFs.

Hong Kong has been gradually shaping its regulatory environment to attract crypto businesses. The latest step in this direction is a newly-introduced licensing scheme for crypto platforms. Interestingly, it's been reported that the region's banking regulator, the Hong Kong Monetary Authority, is pressuring leading banks, including HSBC, Standard Chartered, and Bank of China, to accept crypto exchanges as clients. The outcome of this strategy remains to be seen. Similarly, it's unclear whether other banks in the region will follow HSBC Hong Kong's lead and list crypto ETFs. Meanwhile, in the U.S., the race is on for a spot Bitcoin ETF, with companies like #BlackRock, #Invesco, and #WisdomTree in the fray, despite previous rejections from the regulator over crypto market manipulation concerns. #HKG #BTC #ETH #Crypto #MarketUpdate #News