Hong Kong’s prominent financial institution, the Hong Kong and Shanghai Banking Corporation (HSBC), has recently launched its inaugural cryptocurrency services specifically catered to the local market.
On June 26, local journalist Colin Wu reported on Twitter that HSBC Hong Kong has introduced a feature that allows its customers to engage in the buying and selling of exchange-traded funds (ETFs) related to Bitcoin and Ethereum. This development marks a significant milestone as HSBC becomes the first bank in Hong Kong to offer such services.
HSBC has emerged as the pioneering bank in Hong Kong, granting customers the ability to partake in the trading of cryptocurrency ETFs listed on the Hong Kong Exchange (HKEX). Currently, Hong Kong Exchange (HKEX) has three crypto ETFs available, namely CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
With the objective of broadening the reach of cryptocurrencies among local users in Hong Kong, HSBC has taken a noteworthy step. Online reports indicate that as of March 2022, HSBC Hong Kong boasted a substantial number of 1.7 million active mobile customers. It has been reported that 95% of all retail transactions conducted by HSBC in Hong Kong are handled through online channels.
HSBC has introduced a Virtual Asset Investor Education Center as part of its latest offerings. This initiative is aimed at safeguarding investors against potential risks associated with cryptocurrencies. Prior to commencing their investments, individuals are required to thoroughly review and acknowledge educational materials as well as risk disclosures.
According to reports, the education center is conveniently accessible through HSBC’s virtual asset-related products, such as the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking platforms. ṣ
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