UBS Group AG has joined other banks, like HSBC Holdings Plc, in permitting clients in Hong Kong to trade certain cryptocurrency-linked exchange-traded funds (ETFs). This move aligns with Hong Kong’s efforts to become a hub for digital assets.
Starting Friday, wealthy clients on UBS’s Hong Kong platform can access three crypto ETFs approved by the Securities and Futures Commission: Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs.
UBS is also providing educational materials to help clients understand the associated risks. The new digital-asset regulatory framework in Hong Kong, implemented on June 1, aims to protect investors while fostering the growth of the cryptocurrency market.
The Securities and Futures Commission currently allows retail investors to trade major tokens on licensed exchanges and is evaluating the possibility of permitting spot crypto ETFs in the future. UBS has not commented on the matter.
DBS Group Holdings Ltd. intends to seek approval to provide cryptocurrency services to customers in Hong Kong. ZA Bank Ltd., the largest virtual bank in Hong Kong, aims to enable the conversion of tokens to traditional currencies through licensed platforms. SEBA Bank AG, supported by Julius Baer Group Ltd., has obtained a license for its division to deliver cryptocurrency services in Hong Kong.
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