Hong Kong is allowing some clients from UBS Group, certain crypto market makers, to start trading in crypto ETFs in their markets. This development closely followed a recent announcement by HSBC. HSBC, which is among the most important banks in the world, states that it wants to start offering a digital asset service for select clients.
UBS clients, at least the most wealthy and prominent ones, finally have access to 3 different crypto ETFs. These could become prominent crypto market makers. UBS offers these securities on its Hong Kong platform.
These ETFs include the involvement of several different companies. There is the CSOP Ether Futures ETF, the CSOP Bitcoin Futures ETF, and the Samsung Bitcoin Futures Active ETF. As you can see, these focus on the most prominent crypto coins available in the market right now and are among the best staking cryptos. Hong Kong has authorised the legal trading of all 3 of these ETFs through their regulator, the SFC. If we take all 3 of these together, they represent around $72 million in value.
Hong Kong authorities have been moving towards allowing retail investors to use ETFs for several days now. They are also giving greater access to many tokenised assets. The offer of a crypto CFD may also be possible. It seems as though Hong Kong is greatly accelerating the process of becoming a vital centre for crypto trading. From June to August, it has been setting up regulations in place to allow crypto trading platforms to get licences. In this way, Hong Kong has been allowing various firms to set up customer-serving platforms.
UBS has been working towards greater crypt integration recently. It is 1 of the 6 banks working alongside Switzerland’s SNB to bring a digital banking currency into being. Since the banking sector is starting to take crypto seriously, it seems as though the future of the market may still be bright. However, it also seems that the coming years will also see a very different kind of crypto market. Therefore, there might be far more regulation, and traditional institutions may have a greater say in matters.
