The HongKong and Shanghai Banking Corporation (HSBC) enabled crypto investments for its customers in Hong Kong earlier today. Customers of the British banking giant would be allowed to invest in Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETF).
Crypto journalist Colin Wu took to Twitter earlier today to share HSBC’s latest development:
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
According to the scoop shared by Wu, HSBC’s customers in Hong Kong could use the Hong Kong Exchange (HKEX) to invest in digital asset-related products. The exchange currently lists three crypto ETFs including the Samsung Bitcoin Futures Active ETF, the CSOP Bitcoin Futures ETF, and the CSOP Ethereum Futures ETF.
Apart from being the largest bank in Hong Kong, HSBC also became the first bank in the city-state to enable virtual asset-related investments for customers. The move would likely help increase the crypto footprint in Hong Kong, in line with the special administrative region’s ambitions to become a digital asset hub in the region.
HSBC also launched the Virtual Asset Investor Education Centre for customers in Hong Kong who wish to invest in crypto ETF. The Education Centre could be accessed through the HSBC HK Easy Invest App and online banking as well.
In the interest of consumer protection, HSBC laid out the following disclaimer for digital asset investors:
You’ll need to read and confirm the educational materials and risk disclosures in the Virtual Asset Investor Education Centre before investing in any Virtual Asset related products through the HSBC HK Easy Invest app, HSBC HK Mobile Banking app, and online banking.
Earlier today the Monetary Authority of Singapore (MAS) released a report which outlined a framework for establishing open and interoperable networks. HSBC collaborated with the Singaporean Central Bank to come up with the report. The bank would also participate in pilot studies across multiple verticals, including foreign exchange.
