Journalist Colin Wu writes about it, citing internal documents of the bank. According to the papers, the measure is designed to greatly expand local users’ ability to deal with cryptocurrencies.
HSBC launched an educational portal for digital asset investors called Virtual Asset Investor Education Centre. The trading service will be available through HSBC HK Easy Invest, HSB CHK Mobile Banking and online banking apps.
Several cryptocurrency ETFs have already been registered in Hong Kong, including the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.
It was recently revealed that the Hong Kong Monetary Authority (HKMA) is forcing major banks such as HSBC, Standard Chartered and Bank of China to accept crypto exchanges as clients. In May, the HKMA asked banks why cryptocurrency exchanges are not accepted as clients. Although banks do not have a ban on cryptocurrency exchanges, they refuse to work because of fears of being prosecuted if the platforms start to be used for money laundering or other illegal activities.
On June 1, Hong Kong introduced a new licensing regime for virtual asset service providers (VASPs) that will allow local users to trade cryptocurrencies. The Hong Kong Securities and Futures Commission (SFC) has already developed additional guidelines for banks to serve customers holding or trading crypto-assets. By 2024, local regulators plan to work through a licensing regime for stabelcoin issuers.