HSBC offerings are directly tied to ETFs listed on Hong Kong's Stock Exchange.
The Hong Kong and Shanghai Banking Corporation (HSBC), the leading bank in Hong Kong, has launched crypto-related services in the administrative region.
According to the local reporter Colin Wu's tweet shared on June 26th, with its new service HSBC will allow its customers to buy or sell Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs).
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Avoid Crypto Taxes? (Legal Ways Explained)
The bank's move specifically targets offering cryptocurrency ETFs that are listed on Hong Kong's Stock Exchange.
It is worth noting that at the time of publication, the exchange had three crypto ETFs listed. These include the CSOP Ethereum Futures ETF, Samsung Bitcoin Futures Active ETF, and CSOP Bitcoin Futures ETF.
This initiative is part of HSBC's broader plan to enlarge the exposure of Hong Kong's local consumers to the growing world of cryptocurrencies. As online reports indicate, the bank's mobile customer base in Hong Kong consists of approximately 1.7 million active users as of March 2022. In the region, HSBC is reported to process 95% of its retail transactions online.
These recent developments followed the heels of media reports suggesting that the Hong Kong Monetary Authority was pushing banks to embrace crypto exchanges as their clients. HSBC and Standard Chartered, among other institutions, were queried by the region's central bank and regulator about their hesitation in bringing crypto exchanges on board as clients.
However, it appears that HSBC is not only working on crypto-related initiatives. Recently, the news broke that the banking giant has participated in a Google Cloud pilot dedicated to creating an AI-based service dubbed "Anti Money Laundering AI" (AMLAI).
HSBC's move to expand its services to cryptocurrencies underlines the banking giant's commitment to adapt to the evolving digital financial landscape.
