Hong Kong’s largest bank, HSBC, restarted cryptocurrency trading for individual investors on June 1st, lifting the previous ban. The bank will mediate its customers’ transactions in Bitcoin and Ethereum exchange-traded funds (ETFs) listed on the Hong Kong stock exchange, becoming the first bank in Hong Kong to provide such a service.
Increasing Exposure to Cryptocurrencies
As reported by blockchain and crypto journalist WuBlockchain, HSBC, the largest bank operating in Hong Kong, will facilitate its customers to buy and sell the biggest cryptocurrency, Bitcoin (BTC), and the largest altcoin, Ethereum (ETH), ETFs listed on the Hong Kong stock exchange. This move by the banking giant is expected to have a very positive effect, such as increasing access to cryptocurrencies allowed for trading in the country and increasing exposure to cryptocurrencies.
With its decision, HSBC becomes the first bank in Hong Kong to offer such an opportunity to its customers, setting a significant example. Experts and market observers expect other major banks operating in the country to take similar steps.
3 Major Cryptocurrency ETFs Listed on the Hong Kong Stock Exchange
Currently, the leading crypto ETFs listed on the Hong Kong stock exchange include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
Considering Hong Kong’s efforts to become a crypto hub by constructively allowing trading of a small number of cryptocurrencies, mainly BTC and ETH, it can be expected that the number of crypto ETFs in the country will increase exponentially. Currently, trading is allowed for very few cryptocurrencies in Hong Kong, including Bitcoin, Ethereum, Cardano (ADA), Polygon (MATIC), Solana (SOL), Polkadot (DOT), Uniswap (UNI), Chainlink (LINK), Sandbox (SAND), Litecoin (LTC), Avalanche (AVAX), Axie Infinity (AXS), Cosmos (ATOM), Stellar (XLM), Tether (USDT), and USD Coin (USDC).
