HSBC Launches Local Crypto Services, Expanding Investor Options

HSBC Launches Local Crypto Services, Expanding Investor Options

HSBC, the largest bank in Hong Kong, has reportedly launched its inaugural local cryptocurrency services, signaling its entrance into the digital asset market. According to information shared by local journalist Colin Wu on June 26, HSBC now allows its customers to engage in the buying and selling of Bitcoin (BTC) and Ether (ETH) through exchange-traded funds (ETFs).

The bank's cryptocurrency ETF offerings are focused on those listed on the Stock Exchange of Hong Kong. Presently, the exchange features three crypto ETFs, namely the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.

https://twitter.com/WuBlockchain/status/1673263927780859904

By providing these services, HSBC aims to expand the exposure of local users to cryptocurrencies within Hong Kong. As of March 2022, HSBC Hong Kong reportedly had approximately 1.7 million active mobile customers, with an estimated 95% of retail transactions processed online.

In conjunction with the launch of its cryptocurrency services, HSBC has also introduced the Virtual Asset Investor Education Center. This initiative is designed to safeguard investors against the risks associated with cryptocurrencies. Before investing, users are required to read and acknowledge educational materials and risk disclosures provided by the center.

The Virtual Asset Investor Education Center is accessible via HSBC's virtual asset-related products, including the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking platform.

The news of HSBC's entry into the cryptocurrency market follows reports in mid-June that the Hong Kong Monetary Authority had exerted pressure on major banks to accept crypto exchanges as clients. The region's central bank and regulatory authority specifically questioned institutions such as HSBC and Standard Chartered about their reluctance to onboard crypto exchanges.

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.