HSBC, the biggest bank in Hong Kong, has reportedly introduced its first local cryptocurrency services, allowing its customers to buy and sell Bitcoin and Ethereum-based exchange-traded funds (ETFs).
HSBC will offer cryptocurrency ETFs listed on the Hong Kong Exchange, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
The move aims to expand local users’ exposure to cryptocurrencies in Hong Kong. Alongside this, HSBC reportedly launched the Virtual Asset Investor Education Center to protect investors from cryptocurrency-related risks and make them read and confirm educational materials and risk disclosures before investing. The education center is available on HSBC’s virtual asset-related products like HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking.
This news comes after the Hong Kong Monetary Authority put pressure on major banks like HSBC and Standard Chartered to accept crypto exchanges as clients.