HSBC, the largest bank in Hong Kong, has become the first bank in the city to offer cryptocurrency services to its customers. Customers can now buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange through HSBC. This move aims to broaden cryptocurrency exposure for local users. The cryptocurrency ETFs available include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. Alongside this, HSBC has launched the Virtual Asset Investor Education Centre, which requires investors to review educational materials and risk disclosures before investing in virtual assets through HSBC’s mobile banking apps or online banking.
As of March 2022, HSBC Hong Kong had 1.7 million active mobile customers, with 95% of retail transactions being conducted online. This development follows reports of the Hong Kong Monetary Authority pressuring major banks to accept cryptocurrency exchanges as clients. The HKMA held a meeting in May with UK-based firms and the Bank of China to discuss their reluctance to work with crypto exchanges. The HKMA had previously sent a circular to banking institutions encouraging them to take a proactive stance towards emerging sectors, including cryptocurrency.
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