HSBC Hong Kong, the largest bank in the special administrative region of China, has announced that it will now allow its customers to trade bitcoin and ether exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange.
According to screenshots of the platform obtained by Chinese crypto reporter Colin Wu, HSBC Hong Kong’s investment platform features three crypto ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. While HSBC Hong Kong did not immediately respond to requests for comment, Wu’s report confirms the availability of these ETFs on the platform.
This development positions HSBC Hong Kong as the pioneering bank in the region to permit trading in crypto ETFs. Hong Kong-based users can now conveniently engage in crypto ETF transactions through the bank. Wu, who broke the news, stated that the ETF listings were made available today.
New ETFs and Regulatory Initiatives Make Waves
CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF, both managed by CSOP Asset Management, track the standardized, cash-settled Bitcoin futures contracts and Ether futures contracts traded on the Chicago Mercantile Exchange (CME), respectively. These ETFs were listed on Hong Kong’s stock exchange in December of last year. On the other hand, Samsung Bitcoin Futures Active ETF, managed by Samsung Asset Management Hong Kong, debuted in January.
Hong Kong’s growing interest in the crypto sector is evident with the recent introduction of a licensing regime for crypto platforms. The aim is to attract more crypto firms to the region, especially as the United States intensifies its crackdown on the industry. Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), has reportedly been exerting pressure on HSBC, Standard Chartered, and Bank of China, who play a special role as issuers of the city’s currency, to accept crypto exchanges as clients.
It remains to be seen whether HSBC Hong Kong’s competitors will follow suit by introducing crypto ETFs on their platforms. Meanwhile, in the United States, a race is underway to secure approval for a bitcoin ETF. BlackRock, Invesco, and WisdomTree are among the companies that have filed or re-filed applications, although the U.S. regulator has previously rejected similar proposals due to concerns over crypto market manipulation.
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