- HSBC may be the first Hong Kong bank to supply crypto-derivative products to the clients.
- Large banking institutions continue to be cautious about dealing with the crypto industry in Hong Kong.
HSBC, Hong Kong’s greatest bank, has become facilitating the acquisition and purchase of Bitcoin ETFs on the Hong Kong Stock Market. Cryptocurrency exchange-traded funds (ETFs) for example CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF are on the Hong Kong stock exchange currently.
HSBC may be the first Hong Kong bank to supply crypto-derivative products to the clients. Colin Wu, a properly-known crypto reporter, stated this “move will expand local users’ contact with cryptocurrencies in Hong Kong.”
Based on Colin Wu:
“SCOOP: HSBC, the biggest bank in Hong Kong, today enables its people to purchase and sell Bitcoin and Ethereum ETFs on the Hong Kong exchange, and it is the very first bank in Hong Kong to permit it. The move will expand local users’ contact with cryptocurrencies in Hong Kong.”
Push by Hong Kong Financial Authority
Based on reports from earlier this year, government bodies in Hong Kong happen to be putting pressure on banking institutions to collaborate with local crypto companies. The Hong Kong Financial Authority (HKMA) has asked the reluctance of monetary behemoths like HSBC and Standard Chartered to simply accept cryptocurrency customers.
It appears, however, the government bodies have recently convinced the main banking institutions to support crypto consumers. The HKMA advised banking institutions to complete due research on cryptocurrency firms without unduly restricting their operations, particularly individuals establishing business in the region to research potential growth avenues.
There’s no outright prohibition of cryptocurrencies, but large banking institutions are still wary of dealing with the crypto industry because of the chance of legal repercussions stemming from customers’ utilization of cryptocurrencies for criminal purposes like money washing.
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