HSBC is offering its first local cryptocurrency services, a major move for the traditional financial institution.
HSBC has made a major move into the cryptocurrency market by enabling its customers to buy and sell Bitcoin and Ethereum ETFs, according to a tweet from Colin Wu.
HSBC is offering a limited selection of cryptocurrency ETFs, but they are all traded on the Hong Kong Stock Exchange. Currently, the exchange offers three ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
HSBC is expanding its reach into the cryptocurrency market by offering Bitcoin ETFs to its Hong Kong customers. With 1.7 million active mobile customers and 95% of retail transactions processed online, HSBC is well-positioned to reach a large number of potential investors.
In addition to offering Bitcoin ETFs, HSBC is also launching the Virtual Asset Investor Education Center to help protect investors from cryptocurrency-related risks.
HSBC is making its Virtual Asset Investor Education Center available on its virtual asset-related products, including the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking.
Hong Kong is making a big bet on cryptocurrencies by taking several steps to encourage digital asset participation. These include establishing an exchange licensing system, funding for web3 development, and regulatory calls for banks to treat crypto clients fairly.
Hong Kong is taking a proactive approach to regulating stablecoins by committing to introducing legislation by 2024.