Swiss multinational investment bank UBS Group is set to allow select clients in Hong Kong to trade in cryptocurrency-linked exchange-traded funds (ETFs). The move matches its competitor HSBC (HKSE: 0005) in exploring the untapped market in the region.
UBS’s affluent clients will have the opportunity to invest in three crypto futures ETFs on its platform. The ETFs, namely Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs, have received the necessary authorization from Hong Kong’s Securities and Futures Commission (SFC).
HSBC, currently the largest bank in Hong Kong, has already integrated the three ETFs into its investment platform.
The SFC’s CEO, Julia Leung, stated earlier this week that the regulatory body is evaluating retail investment products that utilize innovative technology to enhance efficiency and customer experience. This statement comes as Hong Kong is contemplating allowing retail investors direct access to spot ETFs that invest in cryptocurrency.
This move by UBS comes after Hong Kong initiated its crypto licensing regime for virtual asset trading platforms in June, granting licenses to HashKey and OSL to offer retail trading services.
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