HSBC Adds Bitcoin And Ethereum ETFs To Its Hong Kong Offering

(CTN News) – HSBC crypto market sentiment has been rising dramatically recently due to a number of institutional investors filing spot Bitcoin (BTC) ETF applications, which has led to a surge of optimism among investors.

Cryptocurrency prices have soared to multi-month highs following this development, reinforcing renewed confidence among participants in the market.

With more financial institutions joining the ETF bandwagon, this trend appears to be gaining even more momentum as more financial institutions get involved.

In particular, reports emerged on Monday, June 26, suggesting that HSBC, the largest European bank, had allowed its customers at HSBC Hong Kong, the largest bank in the special administrative region of China, to buy and sell Bitcoin and Ethereum ETFs on Hong Kong’s exchange on the Hong Kong exchange, according to Colin Wu, a widely-followed crypto reporter.

The Hong Kong exchange currently lists three crypto ETFs, including the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF that are listed on the exchange.

HSBC banks in Hong Kong have been asked to accept more crypto customers

It comes as no surprise that HSBC has decided to support crypto ETFs following Hong Kong regulators’ efforts to encourage international banks to take on more crypto clients as part of their activities in the city.

It should be noted that earlier this month, the Hong Kong Monetary Authority (HKMA) asked the banks HSBC, Standard Chartered, and the Bank of China to accept a greater number of crypto exchanges as clients.

Reports indicate that traditional banking companies in Hong Kong are reluctant to accept more crypto clients due to “resistance from senior executives” as a result of recent high-profile collapses in the crypto industry.

There have been reports that the HKMA has “encouraged banks HSBC not to be afraid.”

Hong Kong is continuing to press forward with its efforts to become a crypto and fintech hub as an incentive to further its efforts to become a crypto and fintech hub.

It is with great anticipation that the much-anticipated licensing regime in the city for virtual asset trading platforms (“VATPs“) was launched on June 1, which is intended to promote crypto growth in the region.

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