HSBC to launch cryptocurrency services in Hong Kong: report

The Hong Kong and Shanghai Banking Corporation (HSBC) – Hong Kong’s largest bank – has reportedly launched its first local cryptocurrency service.

Local journalist Colin Wu reported in a tweet on June 26 that HSBC has enabled its customers to buy and sell bitcoin (BTC) and ether (ETH)-based exchange-traded funds (ETFs).

According to the report, HSBC will exclusively offer a cryptocurrency ETF listed on the Hong Kong Stock Exchange. At the time of writing, exchange lists Three crypto ETFs, including the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF.

The Scoop: HSBC, Hong Kong’s largest bank, today allowed 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 this. The move will increase the exposure of local users to cryptocurrencies in Hong Kong. pic.twitter.com/vH0LieSVGw

-Wu Blockchain (@WuBlockChain) 26 June 2023

The move aims to expand exposure to cryptocurrencies for local users in Hong Kong. According HSBC Hong Kong will have 1.7 million active mobile customers as of March 2022, according to an online report. Around 95% of all HSBC retail transactions in Hong Kong are reportedly processed online.

HSBC did not immediately respond to Cointelegraph’s request for comment. This article will be updated until new information becomes available.

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The new services coincide with HSBC reportedly launching a Virtual Asset Investor Education Centre. The initiative is designed to protect investors from cryptocurrency-related risks by requiring them to read and confirm educational materials and risk disclosures before investing.

The education center is reportedly available on HSBC’s virtual asset-related 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 reports suggested in mid-June that the Hong Kong Monetary Authority pressured major banks to accept crypto exchanges as customers. The region’s central bank and regulator specifically questioned companies such as HSBC and Standard Chartered as to why they are not taking on any crypto exchanges as customers.

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