UBS Invites Wealthy Clients to Trade Crypto ETFs in Hong Kong

CS Web Team
By CS Web Team 2 Min Read

UBS joins banks in allowing Hong Kong clients to trade approved crypto ETFs, aligning with the city's push to become a digital assets hub.

Highlights
  • According to Bloomberg, UBS and rival HSBC would allow select affluent clients to trade crypto ETFs based on futures in the city.

UBS Group AG now allows its Hong Kong-based clientele to trade specific exchange-traded funds (ETFs) tied to cryptocurrencies. According to Bloomberg report, this action is consistent with Hong Kong’s ambitions to develop into a digital asset hub.

The Securities and Futures Commission has approved three cryptocurrency exchange-traded funds (ETFs) that are available to rich clients on UBS’s Hong Kong platform starting this Friday: Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures.

In order to further inform clients about the risks involved, UBS also offers educational resources. On June 1, Hong Kong introduced a new digital asset regulatory framework with the dual goals of safeguarding investors and encouraging the expansion of the cryptocurrency industry.

At present, the Securities and Futures Commission permits retail investors to trade key tokens on regulated exchanges, and it is actively assessing whether to allow spot crypto ETFs in the future. UBS is silent on the subject.

Crypto services have received a lot of support from Hong Kong. The largest virtual bank in Hong Kong, ZA Bank Ltd., wants to make it possible for tokens to be converted into fiat money via authorized channels. SEBA Bank AG has secured a license for its division to provide cryptocurrency services in Hong Kong, with the assistance of Julius Baer Group Ltd.

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