.HSBC makes way for Bitcoin and Ethereum ETF trading in Hong Kong
The bank has specifically greenlighted ETF trading on the floor of the Hong Kong Stock Exchange, which has also floated three other related investment products in recent times.
The launch of the product stems from the consistent effort by the Hong Kong Securities and Futures Commission toto gain exposure to the nascent crypto ecosystem. Before now, only investors with a trading capital of $1 million are allowed to trade in the region, and this new reform is opening up access for many.
HSBC is thrilled this direction from the SFC, and its allowance will enable traders to embark on proactive investing in a safe and regulated environment.Hong Kong appears to understand the direction of financial evolution and is doing all it can to get ahead of the competition. The goal is toto its previous status, where it was tagged a hub for crypto and, as such, was able to attract new capital to the market.
The clamor for a spot Bitcoin ETF product has been growing by the day in the United States, and top financial giants in the country, led by BlackRock, have now filed applications with the Securities and Exchange Commission to float the product. Considering what the ripple effect of the launch might be if approved, HSBC's launch may be considered the first mover advantage as it can attract global clients first.
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