Wealthy UBS Clients Can Now Invest in Crypto ETFs
Wealthy UBS clients can now invest in three different crypto ETFs through the Swiss banking giant’s Hong Kong platform, according to Bloomberg. These ETFs include CSOP Bitcoin Futures, Samsung Bitcoin Futures Active, and CSOP Ether Futures, all of which have been authorized by Hong Kong’s Securities and Futures Commission (SFC). Combined, these products currently have assets under management totaling about $72 million. This move allows UBS to compete with rivals such as HSBC, which are already offering crypto ETFs to their clients in Hong Kong.
UBS Group AG joined rivals such as HSBC Holdings Plc in allowing clients in Hong Kong to trade some crypto-linked ETF. Three crypto ETFs authorized by the Securities and Futures Commission will be accessible to wealthy clients on UBS’s Hong Kong platform from Friday. BBG…
— Wu Blockchain (@WuBlockchain) November 10, 2023
Hong Kong Already Allowed Futures-Based Crypto ETFs
Hong Kong had previously made futures-based ETFs available to investors and is considering allowing spot crypto ETFs, according to Bloomberg. This is part of Hong Kong’s efforts to become one of the world’s largest virtual asset hubs. In June, the city introduced a new licensing system to regulate cryptocurrency exchanges offering trading in popular tokens like Bitcoin and Ether. However, recent setbacks due to scandals have led to tighter scrutiny of the crypto industry.
As a result, a joint task force consisting of local police and the securities regulator has been established to monitor the sector for suspicious activity. Despite these challenges, Hong Kong continues to be recognized as the world’s most crypto-ready destination, securing the top spot for the second consecutive year in a ranking by Forex Suggest.
Hot Take: UBS Joins Other Banks in Offering Crypto ETFs in Hong Kong
UBS Group AG has entered into the cryptocurrency market by allowing its wealthy clients in Hong Kong to trade certain crypto-linked exchange-traded funds (ETFs). The move comes as part of a wider trend among financial institutions that are increasingly offering their clients access to digital assets. With this latest development, it is clear that cryptocurrencies are becoming an increasingly mainstream investment option for high-net-worth individuals who are looking for exposure to this emerging asset class.
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