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- HSBC is the inaugural bank in Hong Kong to offer crypto-derivative products to its clientele.
- Major financial entities remain cautious about engaging with the crypto sector in Hong Kong.
HSBC, the largest bank in Hong Kong, is now enabling the buying and selling of Bitcoin ETFs that are listed on the Hong Kong Stock Exchange. Currently, cryptocurrency exchange-traded funds (ETFs) such as the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF are accessible on the Hong Kong stock market.
HSBC is the inaugural bank in Hong Kong to offer crypto-derivative products to its clientele. Colin Wu, a prominent crypto journalist, remarked that this “initiative will enhance local users’ exposure to cryptocurrencies in Hong Kong.”
According to Colin Wu:
“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.”
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Push by Hong Kong Monetary Authority
Reports from earlier this month indicate that Hong Kong authorities have been urging financial institutions to partner with local crypto enterprises. The Hong Kong Monetary Authority (HKMA) has questioned the hesitance of major financial players like HSBC and Standard Chartered to engage with cryptocurrency clients.
However, it appears that the authorities have ultimately persuaded the major financial institutions to cater to crypto consumers. The HKMA has recommended that financial institutions conduct thorough research on cryptocurrency companies without excessively limiting their operations, especially those establishing a presence in the region to explore potential growth opportunities.
While there is no outright ban on cryptocurrencies, significant financial institutions remain cautious about collaborating with the crypto sector due to the potential legal risks associated with customers’ use of cryptocurrencies for illicit activities such as money laundering.
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