Following in the footsteps of HSBC, UBS is the upcoming Hong Kong financial institution to make it possible for some customers to trade Bitcoin and Ethereum ETFs.
UBS is the upcoming Hong Kong financial institution to make it possible for customers to get and promote Bitcoin and Ethereum ETFs
Quoted from sources Bloombergsome “wealthy” UBS customers will have entry to three futures ETFs: Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures ETF, all three authorized by the Securities and Exchange Commission of Hong Kong Futures (SFC).
UBS will make it possible for wealthy Hong Kong customers to trade some cryptocurrency ETFs, joining rival HSBC https://t.co/dYYdkmQsx3
— Bloomberg Crypto (@crypto) November 10, 2023
These are all money that Hong Kong’s greatest financial institution, HSBC, has announced will open its providers at the finish of June 2023. Both money are futures ETFs, not spot ETFs, very similar to the scenario in the US market place. The US Securities Commission (SEC) is nonetheless extremely cautious about the kind of spot ETF, though a quantity of money giants, together with BlackRock, have not too long ago utilized for each spot BTC and ETH.
As Coinlive HSBC is reportedly the very first financial institution to announce the opening of cryptocurrency ETF providers for distinctive zone customers. With its pioneering get the job done, the local community hopes that other banking institutions in Hong Kong will speedily adhere to suit, supporting consumers to entry the cryptocurrency market place.
Currently, UBS Bank has not confirmed the information of trading assistance for Bitcoin and Ethereum ETFs.
Meanwhile, Hong Kong is nonetheless actively selling the advancement of the cryptocurrency market right here. The government is now taking into consideration enabling merchants entry to ETFs that invest right in cryptocurrencies.
In June, Hong Kong started licensing a quantity of trading platforms, HashKey and OSL. Last month, the SFC essential exchanges to confirm customers’ degree of understanding prior to they transact.
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