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The Hong Kong and Shanghai Banking Corporation (HSBC), the largest bank in Hong Kong, has reportedly introduced its first local cryptocurrency services.
HSBC Hong Kong has made it possible for its customers to buy and sell exchange-traded funds (ETFs) based on Bitcoin (BTC) and Ethereum (ETH), local journalist Colin Wu revealed on Twitter on June 26.
According to the report, HSBC will specifically offer crypto ETFs listed on the Hong Kong Exchange (HKEX). At the time of writing, HKEX lists three cryptocurrency ETFs, including the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
SCOOP: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong. pic.twitter.com/vH0LieSVGw
— Wu Blockchain (@WuBlockchain) June 26, 2023
The move aims to expand local users’ access to cryptocurrencies in Hong Kong. As of March 2022, HSBC Hong Kong had 1.7 million active mobile customers, according to online reports. About 95% of all HSBC retail transactions in Hong Kong are reportedly processed online.
HSBC Hong Kong did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
Related: Hong Kong lawmaker invites Coinbase to region despite SEC scrutiny
The new services are provided alongside HSBC, which is reportedly launching a Virtual Asset Investor Education Center. The initiative is designed to protect investors from the risks associated with cryptocurrencies and requires them to read and validate educational materials and risk disclosures before investing.
The education center is reportedly available on HSBC VA products such as the HSBC HK Easy Invest app, the HSB CHK Mobile Banking app, and online banking.
The news comes shortly after some media reported in mid-June that the Hong Kong Monetary Authority had pressured major banks to accept cryptocurrency exchanges as clients. The region’s central bank and regulator have specifically asked companies like HSBC and Standard Chartered why they don’t use cryptocurrency exchanges as clients.