HSBC Brings Cryptocurrency Services to Hong Kong: Report

HSBC Offers Cryptocurrency Services in Hong Kong

The largest bank in Hong Kong, the Hong Kong and Shanghai Banking Corporation (HSBC), has apparently begun offering its first cryptocurrency services in the region.

HSBC customers can now purchase and sell Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), according to a tweet by local journalist Colin Wu on June 26.

According to the report, HSBC will be providing cryptocurrency ETFs that are listed on the Hong Kong Stock Exchange. At present, the exchange has three crypto ETFs, such as the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF.

The initiative is intended to broaden Hong Kong residents’ access to digital currencies. Reportedly, HSBC Hong Kong had 1.7 million active mobile users as of March 2022 and nearly 95% of all HSBC retail transactions in Hong Kong are conducted digitally.

HSBC did not reply to Cointelegraph’s inquiry for a response. This article will be revised if additional information becomes available.

HSBC Launches Virtual Asset Investor Education Center

Despite being subject to scrutiny by the SEC, a Hong Kong legislator has invited Coinbase to the region.

HSBC is reportedly launching the Virtual Asset Investor Education Center as a way to safeguard investors from potential risks associated with cryptocurrencies. This initiative requires investors to read and confirm educational materials and risk disclosures prior to investing.

It is said that the educational center can be accessed through HSBC’s virtual asset-related products, such as the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking.

The Hong Kong Monetary Authority recently made headlines after reports emerged in mid-June that it had urged major banks such as HSBC and Standard Chartered to take crypto exchanges as clients. The region’s central bank and regulator reportedly questioned the banks as to why they were not doing so.

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