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Hong Kong: HSBC bank offers crypto ETFs to its clients

Hong Kong’s largest bank, HSBC, has announced that it is now offering its clients the possibility to trade crypto ETFs, namely on Bitcoin and Ethereum.

However, investors must read and confirm the Virtual Asset Investor Education Centre before proceeding. 

Hong Kong: largest bank HSBC opens trading in crypto ETFs to its clients

The famous HSBC, Hong Kong’s largest bank, has opened its doors to the crypto world, offering trading of ETFs on Bitcoin and Ethereum to its clients

Thus, as Bitcoin exchange-traded funds are still struggling to become available in the US, they are already at the next stage in Hong Kong: watching the HSBC bank allowing their trading for its clients. 

HSBC thus represents the first bank in Hong Kong to facilitate trading of crypto ETFs. A mood that could also lead to increased adoption of BTC and ETH and cryptocurrencies in general. 

To protect its clients from the ongoing innovation, the Hong Kong bank had to set up the Virtual Asset Investor Education Centre, which is already online on the HSBC HK Easy Invest app, the HSBC CHK Mobile Banking app, and online banking. 

These are the educational materials containing all the information and risks regarding digital assets. Investors who are clients of HSBC in order to proceed with ETF trading on Bitcoin and Ethereum will need to read and confirm such Virtual Asset Investor Education Centre

Hong Kong’s HSBC and crypto ETFs

Hong Kong is proving to be increasingly open to the cryptocurrency sector, especially if ETFs are involved. 

Indeed, as early as December 2022, at the height of the crypto winter, ETFs on Bitcoin and Ethereum futures listed on the CME exchange landed on the Hong Kong exchange. Such ETFs were the first two listed in all of Asia. 

Basically, the CSOP Bitcoin futures ETF (3066.HK) and CSOP Ether futures ETF (3068.HK) were listed on the Hong Kong exchange, HKEX. Not only that, Hong Kong citizens have also been able to explore crypto assets so far thanks to the Samsung Bitcoin Futures Active ETF.

Not only that, it was also announced in the past month that the Hong Kong securities regulator would allow retail trading of some crypto assets starting 1 June. A move that had sent the price of BTC soaring to $27,293

At this point, while banks are always hostile when it comes to crypto, HSBC is instead leading the way in bringing its clients into the cryptocurrency sector. 

The latest news on bitcoin ETFs in the US

Just today some news was revealed regarding the situation of Bitcoin ETFs in the US

The SEC has reportedly approved yet another ETF based on Bitcoin futures, but this time with leverage. It is the 2x Bitcoin Strategy ETF (ticker BITX) from Volatility Shares Trust, already available tomorrow on the Chicago Board Options Exchange (CBOE). 

Regarding spot Bitcoin-based ETFs, on the other hand, among the various applications submitted to the SEC is that of financial giant BlackRock, which has always had its past applications confirmed by the SEC, and thus could become the first ever of its kind in the US market. 

If so, there will be the possibility that as more investors buy shares in the BlackRock Bitcoin Trust, the more BlackRock itself will be forced to buy spot BTC in the crypto markets. Something that could affect the price of Bitcoin (BTC) in a positive way.

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.
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