The biggest bank in Hong Kong, HSBC, is said to have launched its first cryptocurrency services.

Local writer Colin Wu claims that HSBC, the largest bank in Hong Kong, has now made it possible for its clients to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange. This establishes HSBC as the first bank in Hong Kong to provide such a service, increasing local users’ exposure to cryptocurrencies, and supporting crypto exchanges. 

The CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF are the three cryptocurrency ETFs that are currently listed in Hong Kong.

SCOOP: HSBC, the largest bank in Hong Kong, 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. pic.twitter.com/vH0LieSVGw

— Wu Blockchain (@WuBlockchain) June 26, 2023

News on the HSBC Report Could Spark a Resurgence in the Crypto Market

With this action, local users in Hong Kong will be exposed to more cryptocurrencies. Online reports state that as of March 2022, HSBC Hong Kong had 1.7 million active mobile users. According to reports, internet processing accounts for almost 95% of all HSBC retail transactions in Hong Kong.

The brand-new offerings coincide with the debut of the Virtual Asset Investor Education Center by HSBC. The program requires investors to read and double-check educational materials and risk disclosures before investing to safeguard them against cryptocurrency-related hazards.

According to reports, HSBC’s virtual asset-related products, including the bank HK Easy Invest app, HSB CHK Mobile Banking app, and online banking, all offer access to the education center.

The report was released shortly after several media reports in mid-June claimed that the Hong Kong Monetary Authority had pushed major banks to accept cryptocurrency exchanges as clients. The central bank and regulator for the area explicitly inquired as to why firms like HSBC and Standard Chartered were not accepting any cryptocurrency exchanges as clients.

According to a Financial Times article from June 15 that cited three knowledgeable sources, the HKMA met with UK-based companies and the Bank of China in May. The institutions were questioned about their resistance to taking on bitcoin exchanges as clients at this conference. The HKMA circulated a notice to financial institutions on April 27.

The circular urged these organizations to take a more proactive approach to emerging areas, such as the bitcoin market and underlined the value of staying current with evolving market trends.

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Filed under: News - @ June 26, 2023 2:13 pm