The largest bank in Hong Kong, Hong Kong and Shanghai Banking Corporation (HSBC), is said to have launched its first regional cryptocurrency services.
Local journalist Colin Wu tweeted on June 26 that HSBC had made it possible for its customers to buy and sell exchange-traded funds (ETFs) based on Bitcoin and Ether.
The report states that HSBC would sell bitcoin ETFs that are listed on the Hong Kong Stock Exchange.
Cryptocurrency services offered by HSBC
CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF are the three crypto ETFs that are currently available on the exchange’s list.
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 purported 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 in order to safeguard them against cryptocurrency-related hazards.
According to reports, HSBC’s virtual asset-related products, including the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking, all offer access to the education center.
The revelation 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.
Writer’s Corner
Hong Kong is not only leading in the acceptance of blockchain technology but it is also pushing for a convergence between digital currency and traditional finance in the country.
One of the notable announcements is the lifting of the ban on crypto trading in the state.
In addition to that, State-owned banks partnered with crypto companies. All these were done in a bid to establish Hong Kong as a digital hub for businesses and blockchain technology.
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