HSBC rolls out cryptocurrency services in Hong Kong: Report

Hong Kong and Shanghai Banking Corporation (HSBC), the biggest slope successful Hong Kong, has reportedly introduced its archetypal section cryptocurrency services.

HSBC Hong Kong has enabled its customers to bargain and merchantability Bitcoin (BTC) and Ethereum (ETH)-based exchange-traded funds (ETFs), section writer Colin Wu reported connected Twitter connected June 26.

According to the report, HSBC volition specifically connection cryptocurrency ETFs listed connected the Hong Kong Exchange (HKEX). At the clip of writing, HKEX lists 3 crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.

SCOOP: HSBC, the largest slope successful Hong Kong, contiguous allows its customers to bargain and merchantability Bitcoin and Ethereum ETFs listed connected the Hong Kong exchange, and is besides the archetypal slope successful Hong Kong to let it. The determination volition grow section users’ vulnerability to cryptocurrencies successful Hong Kong. pic.twitter.com/vH0LieSVGw

The determination aims to grow section users’ vulnerability to cryptocurrencies successful Hong Kong. According to online reports, HSBC Hong Kong had 1.7 cardinal progressive mobile customers arsenic of March 2022. About 95% of each retail transactions of HSBC successful Hong Kong are reportedly processed online.

HSBC Hong Kong did not instantly respond to Cointelegraph’s petition for comment. This nonfiction volition beryllium updated pending caller information.

Related: Hong Kong legislator invites Coinbase to the portion contempt SEC scrutiny

The caller services travel alongside HSBC reportedly launching the Virtual Asset Investor Education Center. The inaugural is designed to support investors from cryptocurrency-related risks, requiring them to work and corroborate acquisition materials and hazard disclosures earlier starting investing.

The acquisition halfway is reportedly disposable connected HSBC’s virtual asset-related products similar HSBC HK Easy Invest app, HSB CHK Mobile Banking app and online banking.

The quality comes soon aft immoderate media reports suggested successful mid-June that the Hong Kong Monetary Authority put unit connected large banks to judge crypto exchanges arsenic clients. The region’s cardinal slope and regulator specifically questioned companies similar HSBC and Standard Chartered wherefore they were not taking immoderate crypto exchanges arsenic clients.

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