London-headquartered HSBC has reportedly become Hong Kong’s first bank to offer trading of crypto-linked exchange-traded funds. This follows rapid efforts by local authorities to encourage digital asset adoption.
HSBC has enabled its Hong Kong customers to buy and sell Bitcoin and Ether-based ETFs, according to a social media post by local blockchain journalist Colin Wu.
«HSBC […] 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,» Wu said in a tweet.
Three crypto ETFs are currently listed in Hong Kong: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.
Regulator Pressure
The new product offering follows media reports of regulator pressure for banks in Hong Kong to offer services to crypto firms, in the midst of the city’s ambitions to become a digital asset hub.
Local watchdogs, including the Hong Kong Monetary Authority, hosted a meeting in April and another in June urging financial institutions to support virtual assets businesses with their need for bank accounts.
