HSBC rolls out cryptocurrency services in Hong Kong: Report
Hong Kong and Shanghai Banking Corporation (HSBC) — the biggest bank in Hong Kong — has reportedly introduced its first local cryptocurrency services.
HSBC has enabled its customers to buy and sell Bitcoin (BTC) and Ether (ETH)-based exchange-traded funds (ETFs), local journalist Colin Wu reported in a tweet on June 26.
According to the report, HSBC will specifically offer cryptocurrency ETFs listed on the Hong Kong Exchange (HKEX). At the time of writing, HKEX lists three crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.
SCOOP: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong. pic.twitter.com/vH0LieSVGw
The move aims to expand local users’ exposure to cryptocurrencies in Hong Kong. According to online reports, HSBC Hong Kong had 1.7 million active mobile customers as of March 2022. About 95% of all retail transactions of HSBC in Hong Kong are reportedly processed online.
HSBC Hong Kong did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
Related: Hong Kong legislator invites Coinbase to the region despite SEC scrutiny
The new services come alongside HSBC reportedly launching the Virtual Asset Investor Education Center. The initiative is designed to protect investors from cryptocurrency-related risks, requiring them to read and confirm educational materials and risk disclosures before starting investing.
The education center is reportedly available on HSBC’s virtual
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