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  • Writer's pictureJamal Saafir

HSBC Bitcoin and Ethereum ETFs Are Up and Trading

As reported by The Block on June 26th, 2023, HSBC Hong Kong, one of the world’s largest banking and financial services organizations, now offers customer-trading of Bitcoin and Ethereum exchange-traded funds or ETFs listed on Hong Kong’s stock exchange. Per The Block, the three ETFs listed for trade on HSBC Hong Kong's investment platform are CSOP Ethereum Futures ETF, Samsung Bitcoin Futures Active ETF, and CSOP Bitcoin Futures ETF.

The Block gives credit to Chinese crypto reporter, Colin Wu, who first reported this news.

This development signifies the welcoming of crypto trading to Hong Kong-based banking customers. It also establishes HSBC Hong Kong as the first bank in the region to permit trading of crypto ETFs, according to Wu, who says the ETF listings materialized earlier today.

CSOP Bitcoin Futures ETF and and CSOP Ether Futures ETF are both managed by CSOP Asset Management and track the standardized, cash-settled Bitcoin futures contracts and Ether futures contracts traded on the Chicago Mercantile Exchange (CME), respectively. Both the ETFs were listed on Hong Kong's stock exchange last December. Samsung Bitcoin Futures Active ETF, on the other hand, debuted this January and is managed by Samsung Asset Management Hong Kong.

Hong Kong recently passed an amendment introducing a licensing regime for virtual asset service providers (VASPs) which outlines rules and protocols aiming to support and develop the virtual asset industry by ensuring robust investor protection and critical risk management.

The advancements being implemented by Hong Kong are anticipated to appeal to crypto firms in the region as the U.S. has been clamping down on the crypto industry. Hong Kong's banking regulator, the Hong Kong Monetary Authority (HKMA), is also reportedly applying pressure on HSBC, Standard Chartered and Bank of China, to welcome crypto exchanges as clients.

On June 14th, 2023 HKMA was reported to have told banks “to not be afraid” in response to “resistance from a conventional banking mindset” and “resistance from senior executives at traditional banks” hampering the development of Hong Kong’s crypto industry.

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