The Hong Kong and Shanghai Banking Corporation (HSBC) – Hong Kong’s largest bank – has reportedly offered its first services for local cryptocurrency.
HSBC has enabled its customers to buy and sell Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), local journalist Colin Wu reported in a tweet on June 26.
According to the report, HSBC will specifically offer cryptocurrency ETFs listed on the Hong Kong Stock Exchange. At the time of this writing, the exchange lists Three crypto ETFs, including the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
SCOOP: HSBC, Hong Kong’s largest bank, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong Stock Exchange, and is also the first Hong Kong bank to allow it. The move will increase local users’ exposure to cryptocurrency in Hong Kong. pic.twitter.com/vH0LieSVGw
WuBlockchain June 26, 2023
The move aims to expand local users’ exposure to cryptocurrency in Hong Kong. according According to online reports, HSBC Hong Kong had 1.7 million active mobile customers as of March 2022. About 95% of all HSBC retail transactions in Hong Kong are said to be processed online.
HSBC did not immediately respond to Cointelegraph’s request for comment. This article will be updated with new information.
Related: The Hong Kong legislator has called on Coinbase to zone in despite SEC scrutiny
The new services come in conjunction with the reported launch of HSBC’s Virtual Asset Investor Education Centre. This initiative is designed to protect investors from crypto-related risks, requiring them to read and confirm educational materials and risk disclosures before investing.
The Education Center is said to be available on HSBC’s virtual asset-related products such as the HSBC HK Easy Invest app, the HSB CHK Mobile Banking app and online banking.
This news comes shortly after some media reports indicated in mid-June that the Hong Kong Monetary Authority pressured major banks to accept cryptocurrency exchanges as clients. The region’s central bank and regulator has specifically questioned companies like HSBC and Standard Chartered about why they don’t take any crypto exchanges as clients.
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