Swiss Financial Giant UBS Now Offers Crypto ETFs to Wealthy Clients in Hong Kong, Report

UBS has reportedly begun offering affluent clients entree to immoderate crypto exchange-traded funds (ETFs) successful Hong Kong. Initially, the Swiss fiscal services elephantine is offering 3 crypto ETFs that person received regulatory support from the Securities and Futures Commission.

UBS Offering Crypto ETFs to Wealthy Clients

UBS Group AG is allowing affluent clients successful Hong Kong to commercialized 3 crypto exchange-traded funds (ETFs) starting this Friday, Bloomberg reported, citing a idiosyncratic acquainted with the matter.

The 3 crypto ETFs person been authorized by Hong Kong’s Securities and Futures Commission (SFC). They are Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF, the work conveyed. UBS is additionally providing clients entree to acquisition materials to heighten their knowing of the risks linked to crypto-related investments.

Hong Kong introduced a caller regulatory model for crypto assets successful June, permitting crypto exchanges to supply trading services to individuals and institutions upon acquiring due licenses. According to the SFC rules, retail investors tin commercialized large cryptocurrencies connected licensed exchanges. The regulator presently allows futures-based crypto ETFs and is said to beryllium evaluating the anticipation of approving spot crypto ETFs.

In June, the quality outlet besides reported that British megabank HSBC had begun offering the trading of crypto ETFs to customers successful Hong Kong.

The metropolis has been trying to presumption itself arsenic a cutting-edge fiscal halfway and a crypto hub. However, its efforts person been acceptable backmost by a caller cryptocurrency fraud scandal involving crypto speech JPEX. The ungraded besides prompted the Hong Kong Monetary Authority to denote a program to widen its crypto supervision. In September, the SFC published a database of companies seeking to run crypto trading platforms successful the city.

What bash you deliberation astir UBS allowing affluent clients entree to crypto ETFs? Let america cognize successful the comments conception below.