UBS has reportedly begun offering wealthy clients access to some crypto exchange-traded funds (ETFs) in Hong Kong. Initially, the Swiss financial services giant is offering three crypto ETFs that have received regulatory approval from the Securities and Futures Commission.
UBS Offering Crypto ETFs to Wealthy Clients
UBS Group AG is allowing wealthy clients in Hong Kong to trade three crypto exchange-traded funds (ETFs) starting this Friday, Bloomberg reported, citing a person familiar with the matter.
The three crypto ETFs have been authorized by Hong Kong’s Securities and Futures Commission (SFC). They are Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF, the publication conveyed. UBS is additionally providing clients access to educational materials to enhance their understanding of the risks linked to crypto-related investments.
Hong Kong introduced a new regulatory framework for crypto assets in June, permitting crypto exchanges to provide trading services to individuals and institutions upon acquiring appropriate licenses. According to the SFC rules, retail investors can trade major cryptocurrencies on licensed exchanges. The regulator currently allows futures-based crypto ETFs and is said to be evaluating the possibility of approving spot crypto ETFs.
In June, the news outlet also reported that British megabank HSBC had begun offering the trading of crypto ETFs to customers in Hong Kong.
The city has been trying to position itself as a cutting-edge financial center and a crypto hub. However, its efforts have been set back by a recent cryptocurrency fraud scandal involving crypto exchange JPEX. The scandal also prompted the Hong Kong Monetary Authority to announce a plan to widen its crypto supervision. In September, the SFC published a list of companies seeking to operate crypto trading platforms in the city.
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