Main navigation

Banking Giant HSBC Floats BTC and ETH ETF Products in Hong Kong: Report

Mon, 06/26/2023 - 15:25
article image
Godfrey Benjamin
Hong Kong's banking icon HSBC now allows Bitcoin and Ethereum ETF trading
Banking Giant HSBC Floats BTC and ETH ETF Products in Hong Kong: Report
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Banking giant Hong Kong and Shanghai Banking Corporation (HSBC), the biggest financial institution in Hong Kong, has finally launched its Bitcoin (BTC) and Ethereum (ETH) Exchange Traded Fund product for investors on the Island. According to the report, Bitcoin and Ethereum-based ETFs will be the first crypto products the firm will be launching in Hong Kong.

The bank has specifically greenlighted ETF trading on the floor of the Hong Kong Stock Exchange, which has also floated three other related investment products in recent times.

The launch of the product stems from the consistent effort by the Hong Kong Securities and Futures Commission (SFC) to lessen the requirements for retail investors to gain exposure to the nascent crypto ecosystem. Before now, only investors with a trading capital of $1 million are allowed to trade in the region, and this new reform is opening up access for many.

HSBC is thrilled this direction from the SFC, and its allowance will enable traders to embark on proactive investing in a safe and regulated environment.

OKX Opens up Cardano (ADA) Trading for Hong Kong Individuals

Stepping ahead of competition

Hong Kong appears to understand the direction of financial evolution and is doing all it can to get ahead of the competition. The goal is to return the island to its previous status, where it was tagged a hub for crypto and, as such, was able to attract new capital to the market.

The clamor for a spot Bitcoin ETF product has been growing by the day in the United States, and top financial giants in the country, led by BlackRock, have now filed applications with the Securities and Exchange Commission (SEC) to float the product. Considering what the ripple effect of the launch might be if approved, HSBC's launch may be considered the first mover advantage as it can attract global clients first.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.