UBS Group AG to Offer Crypto ETFs to Wealthy Clients in Hong Kong
If you’re a wealthy client of UBS Group AG in Hong Kong, you can now access three crypto exchange-traded funds (ETFs), as the Swiss financial services company joins HSBC Holdings in catering to the growing demand for crypto investments. The authorized ETFs include Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures, approved by the Securities and Futures Commission (SFC) and available for trading from Nov. 10th.
HSBC was the first to offer these options to its customers in response to the increasing interest in crypto investments in Hong Kong, which is aiming to establish itself as a major crypto hub. While futures-based cryptocurrency ETFs are currently allowed, there are discussions about allowing retail investors access to spot crypto ETFs.
Anticipation for Spot Bitcoin ETF Approval in the US
In the United States, there is growing anticipation for the approval of spot Bitcoin ETFs, with Valkyrie’s co-founder expecting the Securities and Exchange Commission (SEC) to approve applications by November 2023. Valkyrie has recently submitted an amended application after facing previous rejections by the SEC. Currently, there are 12 pending spot-based Bitcoin ETF applications, with analysts speculating on a potential approval window between Nov. 9 and Nov. 17.
Hot Take: Crypto Investments Expand Globally
The expansion of crypto investment options offered by major financial institutions like UBS Group AG and HSBC Holdings reflects the increasing demand for digital assets worldwide. As Hong Kong and the US pave the way for more accessible crypto investment opportunities, it signifies a significant shift towards mainstream acceptance of cryptocurrencies as part of diversified investment portfolios.
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