Swiss financial services company UBS Group AG will now allow wealthy clients in Hong Kong to access three crypto exchange-traded funds (ETFs), joining its rival HSBC Holdings.
According to Bloomberg, citing anonymous sources, UBS Group’s Hong clients can trade Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs. Those are authorized by the Securities and Futures Commission (SFC), starting from Nov. 10th.
Hong Kong’s largest financial institution, HSBC, became the first bank to allow its customers in the special administrative region of China to trade the three crypto ETFs in response to growing demand.
Hong Kong, which is working towards becoming a major crypto hub, allows futures-based cryptocurrency ETFs, with previous reports stating that the SFC is mulling, allowing retail investors to access spot crypto ETFs.
Meanwhile, anticipation for a spot Bitcoin ETF in the United States continues to gain momentum, with the co-founder of Valkyrie, Steven McClurg, expecting the Securities and Exchange Commission (SEC) to approve applications in November 2023.
Valkyrie, which has seen its spot Bitcoin ETF filing rejected by the SEC in the past, recently submitted an amended application to the regulator.
Currently, there are 12 pending spot-based Bitcoin ETF applications, with Bloomberg ETF analysts Eric Balchunas and James Seyffart, noting that there is an available window between Nov. 9 and Nov. 17, for the SEC to approve all applications.
Seyffart also speculated that there was a 90% chance that the American regulatory watchdog could green light applications by Jan. 10, 2024.
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