- 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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.