In a pioneering move for Hong Kong’s banking sector, Hong Kong and Shanghai Banking Corporation (HSBC), the region’s leading financial institution, has reportedly begun offering local cryptocurrency services. The bank now provides its customers with the opportunity to trade in Bitcoin BTC $30,467 and Ether ETH $1,870-based exchange-traded funds (ETFs), as indicated by Colin Wu, a regional journalist.

In alignment with this innovative initiative, HSBC will concentrate on cryptocurrency ETFs listed on the Stock Exchange of Hong Kong. At this point, the exchange currently showcases three ETFs tied to crypto futures, including offerings from CSOP and Samsung.

This strategic step aims to broaden the cryptocurrency reach among the local population in Hong Kong. As of March 2022, HSBC Hong Kong reportedly serviced 1.7 million active mobile users, with an impressive 95% of all HSBC’s retail transactions in the region being conducted digitally.

While awaiting an official comment from HSBC, this story will be revised to reflect new information as it emerges.

Simultaneously, HSBC is reported to have initiated the Virtual Asset Investor Education Center to safeguard investors from potential crypto-related risks. Investors are encouraged to peruse and acknowledge associated educational materials and risk notifications prior to investing.

HSBC’s Virtual Asset Investor Education Center can be accessed via HSBC’s digital channels, including the HSBC HK Easy Invest app, HSB CHK Mobile Banking app, and online banking services.

This crypto-embracing movement comes on the heels of speculation that the Hong Kong Monetary Authority was urging major banks to open their doors to crypto exchanges as clients. Specifically, companies like HSBC and Standard Chartered found themselves under the regulator’s spotlight, questioned about their reluctance to engage with crypto exchanges.