HSBC in Hong Kong permits trading of Bitcoin and Ether ETFs, but it is not considered newsworthy.
Several cryptocurrency news outlets have reported that HSBC Hong Kong is now offering its customers access to Bitcoin (BTC) and Ether (ETH) exchange-traded funds as of Monday.
This news was initially reported by crypto journalist Colin Wu and was later reproduced by various sites, including The Block.
However, it seems that this is being somewhat blown out of proportion. In fact, HSBC’s customers in Hong Kong have been able to trade such crypto investment products since they were listed on the Hong Kong Stock Exchange (HKEX) in December. This is because the bank allows trading of all publicly-listed ETFs.
The CSOP Bitcoin Futures ETF (3066) and CSOP Ether Futures ETF (3068) were the first crypto ETFs to debut on the HKEX. The Samsung Bitcoin Futures Active ETF (3135) was added in January.
Today’s development is simply that HSBC customers can now access these ETFs from the bank’s investment platform.
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The overreaction to this modest development demonstrates the excitement in the crypto community for any and all adoption of cryptocurrency investments by mainstream institutions such as HSBC in major financial centers like Hong Kong.
In fact, Hong Kong has been emerging as a potential global crypto hub in recent months, with its Securities and Futures Commission (SFC) accepting applications for cryptocurrency trading platforms on June 1 and inviting Coinbase (COIN) to come and register in the region.
Read More: Hong Kong Put Pressure on 3 Major Banks to Take On Crypto Exchanges as Clients: Report
Edited by Nelson Wang.