Lately, the sentiment in the cryptocurrency market has experienced a notable surge, propelled by a wave of optimism ignited by institutional investors submitting applications for Bitcoin (BTC) exchange-traded funds (ETFs).
This development has revitalized confidence among market participants, propelling crypto prices to fresh multi-month peaks. The trend is gathering momentum as more financial institutions hop onto the ETF bandwagon.
Significantly, on June 26, reports indicated that HSBC, the largest European bank, has greenlit its customers at HSBC Hong Kong, the biggest bank in the Chinese special administrative region, to engage in trading Bitcoin and Ethereum (ETH) ETFs on the Hong Kong exchange. This move marks a significant step and makes HSBC the first Hong Kong bank to permit such activity.
At present, there are three crypto ETFs listed on the Hong Kong exchange: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.
HSBC’s endorsement of crypto ETFs follows pressure from Hong Kong regulators on major banks to onboard more crypto-related clients. The Hong Kong Monetary Authority (HKMA) recently urged institutions like HSBC, Standard Chartered, and the Bank of China to expand their crypto clientele. This push comes despite reluctance from traditional banks due to concerns stemming from notable industry collapses. However, HKMA is encouraging them to overcome their apprehensions.
This regulatory impetus aligns with Hong Kong’s ongoing drive to establish itself as a prominent crypto and fintech hub. The city introduced a licensing framework for virtual asset trading platforms on June 1, aiming to foster crypto growth within the region.
By FCCT Editorial Team
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