HSBC, the largest bank in Hong Kong, has started allowing its customers to trade bitcoin and ethereum exchange-traded funds (ETFs) listed on the Hong Kong stock exchange through its mobile apps. This move expands the exposure of local users to cryptocurrencies in Hong Kong. To ensure investor education and risk management, HSBC has launched the “Virtual Asset Investor Education Centre,” which requires investors to read and confirm educational materials and risk disclosures before investing in virtual assets-related products through HSBC’s mobile apps and online banking. Currently, there are three crypto ETFs available on the Hong Kong stock exchange. These ETFs track standardized bitcoin and ethereum futures contracts traded on the Chicago Mercantile Exchange. Hong Kong has recently implemented new regulations to position itself as a crypto and innovation hub, focusing on investor protection and market integrity. While HSBC’s move allows customers to trade crypto ETFs, these are not spot crypto ETFs. The Hong Kong regulatory approach towards cryptocurrencies differs from that of the United States, as it welcomes global virtual asset trading operators to apply for licenses. Although HSBC has filed trademark applications for digital currency and metaverse services, its CEO has stated that crypto is not in the bank’s future plans.
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