- HSBC Bank allows its customers to buy and sell Bitcoin and Ethereum futures ETFs listed on the Hong Kong exchange.
- The bank’s move is pro-crypto, offering Hong Kong-based customers exposure to cryptocurrencies.
- The Hong Kong Monetary Authority is pressuring major financial and banking institutions to try and meet the needs of licensed crypto exchanges.
HSBC is the largest bank in China’s Special Administrative Region (SAR) of Hong Kong. As of Monday, June 26, the bank powers trade in Bitcoin and Ethereum ETFs on the Hong Kong exchange.
Major financial regulator Hong Kong Monetary Authority (HKMA) is reportedly asking leading banks to accommodate the business needs of crypto exchanges to promote and drive crypto adoption in China’s SAR.
Also read: Solana gears for likely rally with first test of Saga phone in China
China crypto narrative gains relevance with this move by major bank
Hong Kong and Shanghai Banking Corporation (HSBC) is the largest bank in China’s SAR. According to a report by Chinese journalist Colin Wu, Hong Kong’s largest bank has reportedly rolled out crypto services, trading in Bitcoin and Ethereum futures ETFs for customers.
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
The bank is enabling customers to adopt crypto through trade in crypto futures ETFs listed on the Hong Kong exchange. The Hong Kong exchange lists three cryptocurrency ETFs, CSOP Bitcoin Futures and Ethereum Futures ETFs, and Samsung Bitcoin Futures Active ETF.
HSBC has nearly 1.7 million active customers as of March 2022, according to an online report. The bank’s move is therefore interpreted as pro-crypto as it offers more traders exposure to cryptocurrencies.
While US financial regulator Securities and Exchange Commission (SEC) cracks down on crypto, Hong Kong’s monetary authority is working on facilitating the operations of licensed cryptocurrency exchanges within China’s SAR. The HKMA has reportedly asked banking and financial institutions to meet the needs of licensed crypto exchanges and offer them requisite services in an attempt to drive crypto adoption in Hong Kong.
HSBC didn't immediately respond FXStreet's request for comment.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.