HSBC has opted to launch crypto services under a friendly regulatory environment in Hong Kong, which could help increase adoption and promote the sector.
Crypto ETFs have been setting a trend in the current month, with the latest development coming in from Hong Kong. Hong Kong and Shanghai Banking Corporation (HSBC) is the one to float its new crypto services, mainly comprising a few exchange-traded funds (ETFs).
With a government welcoming to crypto, Hong Kong has attracted several crypto firms and projects in the current year. The government also nudged the banking industry to increase their crypto clients to help the industry. HSBC’s decision comes just amid such announcements, which could also indicate future crypto measures.
Reportedly, three crypto ETFs that list on the Stock Exchange of Hong Kong would come under the services. HSBC will have those three ETFs on its platform, that include the CSOP Ethereum Futures ETF, the CSOP Bitcoin Futures ETF and the Samsung Bitcoin Futures Active ETF.
Retail investors in Hong Kong could majorly benefit from the move, with smooth trading services on the HSBC platform. HSBC likely has over a million active mobile customers that could come under the purview of the current services.
The crypto industry in Hong Kong could get a major boost from better adoption of ETFs. The Blackrock ETF application in the US created a sudden surge of bullish signals in the crypto market, which is a positive sign. The crypto industry would likely hope for a similar outcome from Hong Kong.