2023-11-12 15:31:38
UBS has reportedly started offering wealthy clients access to some crypto exchange-traded funds (ETFs) in Hong Kong. The Swiss financial services giant offers three crypto ETFs that have received regulatory approval from the Securities and Futures Commission. UBS to offer crypto ETFs to wealthy clients Starting Friday, UBS Group AG will allow its wealthy clients in Hong Kong to trade ETFs on three crypto exchanges, Bloomberg reported, citing an insider. The three crypto ETFs are licensed by Hong Kong’s Securities and Futures Commission (SFC). These are the Samsung Bitcoin Futures Active ETF, the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF, the publication said. UBS also provides clients with access to educational materials to help them better understand the risks of investing in cryptocurrencies. Hong Kong introduced a new regulatory framework for cryptoassets in June, allowing crypto exchanges to provide trading services to individuals and institutions if they obtain the appropriate licenses. According to SFC rules, retail investors can trade major cryptocurrencies on authorized exchanges. The regulator currently allows crypto futures ETFs and is said to be exploring the possibility of approving spot crypto ETFs. In June, there was also news that British megabank HSBC had started trading crypto ETFs for its Hong Kong clients. The city is trying to position itself as a leading financial and crypto center. However, his efforts were set back by the recent crypto fraud scandal involving the JPEX crypto exchange. The scandal also prompted the Hong Kong Monetary Authority to announce plans to expand the powers of crypto oversight. In September, the SFC published a list of companies that wanted to operate a crypto trading platform in the city.
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