Hong Kong's biggest bank introduces cryptocurrency services - PingWest
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Hong Kong's biggest bank introduces cryptocurrency services
Hong Kong's biggest bank introduces cryptocurrency services
June 26, 2023 8:00 pm
Hong Kong and Shanghai Banking Corporation (HSBC), the biggest bank in Hong Kong, has reportedly launched its first cryptocurrency services.
According to Wu Blockchain, HSBC will allow its customers to trade Bitcoin and Ethereum ETFs listed on the Hong Kong exchange.
Among the crypto ETFs presently available on the Hong Kong stock exchange are the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. These investment options will be accessible to HSBC customers interested in venturing into the cryptocurrency market.
The move makes HSBC the first bank in Hong Kong to grant its customers the ability to purchase crypto-derivative products,
In addition to the introduction of cryptocurrency services, HSBC has reportedly launched the Virtual Asset Investor Education Center. This initiative aims to safeguard investors from potential risks associated with cryptocurrencies.
As part of the process, customers will be required to review and acknowledge educational materials and risk disclosures before engaging in any investment activities related to virtual assets. The center serves as a proactive measure by HSBC to promote investor protection and ensure informed decision-making in the cryptocurrency space.
The move comes after the Hong Kong Monetary Authority, the region’s central banking institution and regulator, called on banks to provide services to cryptocurrency firms.
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