HSBC Rolls Out Cryptocurrency Services In Hong Kong: Report

by | Jun 26, 2023 | Headline News

Do you LOVE America?

    Share

    This article was originally published by Tyler Durden at ZeroHedge. 

    The recent emergence of Hong Kong as a major crypto hub  – quite an about-face for Beijing from its previous ban – accelerated again over the weekend as three crypto ETFs listed on the Stock Exchange of Hong Kong are now reportedly available for trading at Hong Kong’s largest bank.

    CoinTelegraph’s Helen Partz reports that 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- and Ether-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 Stock Exchange of Hong Kong. At the time of writing, the exchange lists three crypto ETFs, 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. 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 did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.

    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 investing.

    The education center is reportedly available on HSBC’s virtual asset-related products like the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking.

    The news comes soon after some media reports suggested in mid-June that the Hong Kong Monetary Authority pressured major banks to accept crypto exchanges as clients. The region’s central bank and regulator specifically questioned companies like HSBC and Standard Chartered on why they were not taking any crypto exchanges as clients.

    *  *  *

    [ZH: The question is why? Why is Beijing flip-flopping on its extreme anti-crypto stance now? One suggestion is that they are ‘allowing’ these services as they will become an ‘overflow valve’ when China is forced to unleash much broader based easing policies in the not-too-distant future, soaking up some of the implicit inflation in a speculative asset.]

    URGENT ON GOLD… as in URGENT

    It Took 22 Years to Get to This Point

    Gold has been the right asset with which to save your funds in this millennium that began 23 years ago.

    Free Exclusive Report
    The inevitable Breakout – The two w’s

      Related Articles

      Comments

      Join the conversation!

      It’s 100% free and your personal information will never be sold or shared online.

      0 Comments

      Commenting Policy:

      Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

      This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.