HSBC Makes a Bold Move in Hong Kong, Cryptocurrency Services Now Available!
Hong Kong’s biggest bank is now offering trading services for three cryptocurrency ETFs that have been listed on the Hong Kong Exchange.
- HSBC Hong Kong introduces local cryptocurrency services, allowing customers to buy and sell Bitcoin and Ethereum-based ETFs.
- HSBC plans to offer cryptocurrency ETFs listed on the Hong Kong Exchange to expand users’ exposure to digital currencies.
- HSBC launches the Virtual Asset Investor Education Center to educate and protect investors from potential cryptocurrency risks.
Largest bank in Hong Kong , the Hong Kong and Shanghai Banking Corporation (HSBC), has made a significant move by introducing its first local cryptocurrency services. According to local journalist Colin Wu’s tweet on June 26, HSBC Hong Kong has enabled its customers to purchase and sell Bitcoin (BTC) and Ethereum-based ETFs.
— Bitcoin Archive (@BTC_Archive) June 26, 2023
HSBC Goes All Out
HSBC is reportedly set to offer cryptocurrency Exchange-Traded Funds (ETFs) listed on the Hong Kong Exchange (HKEX). This is in a bid to expand the exposure of local users to digital currencies in Hong Kong. At present, HKEX has three crypto ETFs listed, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
According to online reports, HSBC Hong Kong boasts of 1.7 million active mobile customers as of March 2022, with about 95% of all retail transactions processed online.
HSBC Safegaurding Investors
HSBC has also reportedly launched a new initiative to safeguard investors from the potential risks associated with cryptocurrencies. The Virtual Asset Investor Education Center, which is now available on HSBC’s virtual asset-related products like HSBC HK Easy Invest app, HSB CHK Mobile Banking app and online banking, requires investors to read and confirm educational materials and risk disclosures before starting to invest.
At the same time, HSBC launched the Virtual Asset Investor Education Centre, investors need to read and confirm the educational materials and risk disclosures in the Virtual Asset Investor Education Center before investing in any Virtual Assets-related products through HSBC HK… pic.twitter.com/vePpPjlXGC
— Wu Blockchain (@WuBlockchain) June 26, 2023
This move by HSBC comes in the wake of reports that the Hong Kong Monetary Authority had put pressure on major banks to accept crypto exchanges as clients. The central bank and regulator had specifically questioned companies like HSBC and Standard Chartered on why they had not taken any crypto exchanges as clients. With the launch of the Virtual Asset Investor Education Center, HSBC is taking a proactive approach to protecting its investors and ensuring that they are well-informed before they make any investment decisions.