Hongkong and Shanghai Banking Corporation (HSBC) has added three new exchange-traded products to its listing on the Hong Kong Exchange (HKEX). These products include the CSOP Bitcoin Futures ETF, Samsung Bitcoin Futures Active ETF, and Ether Futures ETF. This move by HSBC makes it the first and largest bank in Hong Kong to offer crypto ETFs, giving local customers access to cryptocurrencies. The ETFs allow customers to buy, sell, and trade Bitcoin and Ethereum on the HKEX platform. The CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF are managed by CSOP Asset Management and track standardized Bitcoin and Ether futures contracts listed on the Chicago Mercantile Exchange (CME). Samsung Asset Management Hong Kong also entered the crypto market with its Samsung Bitcoin Futures Active ETF. Hong Kong’s crypto landscape has been thriving, especially after its securities regulators introduced rules for retail trading of cryptocurrency. These regulations allow crypto exchanges to apply for licenses to operate legally in the country. HSBC is set to launch the Virtual Asset Investor Education Center to protect investors from potential risks associated with cryptocurrencies. The education center will be accessible through HSBC’s virtual asset-related products and platforms. Compared to other countries, Hong Kong has a lower capital gain tax rate, numerous Bitcoin ATMs, and a significant number of people involved in the crypto sector, which bodes well for widespread adoption in the future. Meanwhile, the United States is still grappling with regulatory transparency in the industry. The SEC is currently engaged in legal battles with major crypto exchanges. In the past week, the crypto market experienced a surge, with Bitcoin rising by 13.56%. It briefly surpassed the $31,200 mark before retracing to around $30,000. Bitcoin Cash and Pepe coin were among the top performers, with their prices soaring by 103.74% and 62.37% respectively. The wave of ETF filings has brought optimism and market confidence to the crypto industry, with anticipation for Bitcoin to break the $35,000 barrier. The approval of these ETF applications by the SEC could lead to increased institutional participation and a significant influx of capital into the market. However, the possibility of rejection by the SEC remains, leaving room for both optimism and caution among market participants.
Continue reading on Blockonomi.com
By
By
By
By