The post Swiss bank UBS Opens Doors for Wealthy Clients to Dive into Crypto ETFs in Hong Kong appeared first on Coinpedia Fintech News
Swiss banking giant UBS Group has just announced a strategic move to allow Hong Kong high-net-worth clients access to cryptocurrency-linked exchange-traded funds (ETFs). Meanwhile, this decision seems to be a move to keep up with HSBC, another big bank that recently stepped into the crypto world.
Expanded Crypto ETF Opportunities in Hong Kong
According to insider information from Bloomberg today, UBS’s wealthy clients can soon trade three crypto funds on the bank’s platform.
These three crypto ETFs are Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs. However, these three crypto ETFs have received authorization from Hong Kong’s securities regulator, the Securities and Futures Commission (SFC). Collectively, these funds hold a substantial $72 million in assets.
Interestingly, this news follows closely on the heels of HSBC’s recent announcement, that the bank plans to introduce a digital assets custody service for institutional clients.
HSBC Takes the Lead
HSBC, one of the world’s largest banks, which holds a dominant position in Hong Kong, had already ventured into Bitcoin and Ethereum ETF trading earlier this year. This strategic move aligns with a broader initiative, including the launch of a Virtual Asset Investor Education Center.
Meanwhile, this center aims to empower investors by ensuring a clear understanding of educational materials related to trading crypto products. These recent advancements signify a notable step forward in Hong Kong’s acceptance of cryptocurrencies.
Since the past few days, Hong Kong has been making strides to allow retail investors to purchase spot crypto Exchange Traded Funds (ETFs) and engage in primary dealings related to tokenization.
This move aligns with Hong Kong’s accelerated ambitions to position itself as a prominent virtual asset hub.
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