On the 25th, crypto-related news reported one after another that HSBC Hong Kong will offer Bitcoin (BTC) and Ethereum (ETH) ETFs (Exchange Traded Funds).
The news was first reported by cryptocurrency journalist Colin Wu and was followed by many web outlets, including The Block.
But this seems like an overreaction. HSBC clients in Hong Kong have been able to trade such crypto investment products since they were listed on the Hong Kong Stock Exchange (HKEX) in December 2022.
CSOP Bitcoin Futures ETF and CSOP Ethereum Futures ETF rose on the Hong Kong Stock Exchange in December. The Samsung Bitcoin Futures Active ETF was also added in January.
The news is that HSBC clients can now access these ETFs through the bank’s investment platform.
The overreaction to this modest development shows the overall excitement in the crypto community for a major financial institution like HSBC to invest in crypto in a major financial center like Hong Kong.
In fact, Hong Kong’s Securities and Futures Commission (SFC) began accepting applications for crypto-asset trading platforms on June 1, and over the past few months it has called on US crypto-asset trading giant Coinbase to register in Hong Kong. , Hong Kong has emerged as a potential global cryptocurrency hub.
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Hong Kong’s HSBC Allows Customers to Trade Bitcoin, Ether ETFs but That’s Not Really News