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As of June 1st, HSBC, the largest bank in Hong Kong, which has restarted the prohibition of cryptocurrency trading for individual investors, will broker the buying and selling of Bitcoin exchange-traded funds (ETFs) and Ethereum ETFs listed on the Hong Kong stock exchange for its customers. With this decision, HSBC became the first bank in Hong Kong to provide its customers with this opportunity.
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 largest cryptocurrency Bitcoin (BTC) and the biggest altcoin Ethereum (ETH) ETFs listed on the Hong Kong exchange. This move by the banking giant has an extremely positive impact force, such as increasing access to cryptocurrencies permitted for trade in the country and increasing exposure to cryptocurrencies.
HSBC became the first bank in Hong Kong to provide such an opportunity to its customers with the decision it made, and experts and market observers expect other major banks operating in the country to take similar steps. In this regard, HSBC’s move sets an important precedent.
3 Major Cryptocurrency ETFs Listed on Hong Kong Exchange
The leading cryptocurrency ETFs currently listed on the Hong Kong exchange include the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
Considering Hong Kong’s struggle to become a crypto center by constructively allowing trade in a limited number of cryptocurrencies, primarily BTC and ETH, the number of cryptocurrency ETFs in the country is expected to multiply. For now, trade is allowed in very few cryptocurrencies in Hong Kong such as 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).
