In Hong Kong, HSBC introduces cryptocurrency services:
The largest Hong Kong bank, the Hong Kong and Shanghai Banking Corporation (HSBC), is said to have launched its first local cryptocurrency services.
Local journalist Colin Wu shared the news on Twitter on June 26 that HSBC Hong Kong had made it possible for its clients to purchase and sell Ethereum (ETH) and Bitcoin (BTC)-based exchange-traded funds (ETFs).
The report states that HSBC will offer cryptocurrency ETFs that are listed on the Hong Kong Exchange (HKEX). HKEX currently lists three cryptocurrency exchange-traded funds (ETFs), the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF.
The move aims to make cryptocurrencies more accessible to Hong Kong residents. Online reports claim that as of March 2022, HSBC Hong Kong had 1.7 million active mobile customers. According to reports, online processing accounts for approximately 95% of HSBC's Hong Kong retail transactions.
Cointelegraph inquired for clarification, but HSBC Hong Kong did not immediately respond. In the event of new information, this article will be updated.
Related: Despite SEC scrutiny, a Hong Kong legislator invites Coinbase to the region. In addition, HSBC is reportedly launching the Virtual Asset Investor Education Center. The initiative requires investors to read and verify educational materials and risk disclosures prior to investing to protect them from cryptocurrency-related risks.
The HSBC HK Easy Invest app, the HSB CHK Mobile Banking app, and online banking all reportedly include access to the education center.
The news comes shortly after media reports in the middle of June suggested that the Hong Kong Monetary Authority pressured major banks to accept cryptocurrency exchanges as customers. Companies like HSBC and Standard Chartered were specifically questioned by the regulator and central bank of the region regarding the reason why they were not accepting crypto exchange clients.
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