In its quest to become a major crypto hub in Asia, Hong Kong is encouraging banks (HSBC) to fully immerse themselves in services related to Bitcoin and crypto trading.
For example, HSBC, Hong Kong’s largest bank, now allows its customers to invest in Bitcoin (BTC) and Ethereum (ETH) ETFs.
HSBC, customers will be able to invest in Bitcoin ETFs!
HSBC customers can now invest in Bitcoin and Ethereum ETFs listed on the Hong Kong stock exchange. These ETFs include CSOP Bitcoin Futures, CSOP Ethereum Futures and Samsung Bitcoin Futures Active.
A decision that ignores the United States, where US regulator SEC, engaged in a crusade against crypto companies, has yet to approve any spot Bitcoin ETFs to date.
However, the first leveraged Bitcoin Futures ETF has just been authorized in the USA by the Securities and Exchange Commission (SEC).
This situation could soon change, however, following the recent application by investment giant BlackRock to launch a Bitcoin ETF.
While waiting for the US stock market regulator to validate or reject recent Bitcoin ETF applications from funds BlackRock, Valkyrie, WisdomTree and Invesco, Hong Kong (China) intends to get a head start on its US rival by opening up widely to crypto trading.
Major cryptocurrency exchanges such as Binance, Huobi and OKX have already submitted crypto license applications to the Hong Kong Securities and Futures Commission (SFC).
Recently, Johnny Ng, a member of Hong Kong‘s Legislative Council and China’s advisory body, even invited cryptocurrency exchange Coinbase to set up in the region.