UBS Group Reportedly Now Offers Crypto ETFs to High-Value Clients
The UBS Group has reportedly begun offering high-value clients access to exchange-traded funds (ETFs) in Hong Kong. The Swiss financial powerhouse now offers three crypto exchange-traded funds (ETFs) approved by Hong Kong's Securities and Futures Commission.
Three Crypto ETFs Approved by Hong Kong SFC
Bloomberg reported on Friday that UBS Group AG has started offering three crypto exchange-traded funds (ETFs) to high-value clients in Hong Kong, citing sources familiar with the subject. The three ETFs have received regulatory approval from the Hong Kong Securities and Futures Commission. They are Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF. UBS is also facilitating access to educational resources to enhance the knowledge of clients on the risks involving crypto investments.
It may be recalled that Hong Kong introduced a new regulatory framework for crypto assets in June. Crypto exchanges were permitted to offer trading services to individuals and institutions with regulatory licenses. Retail investors were allowed to trade leading cryptocurrencies on licensed exchanges as per the SFC rules. The regulator currently permits futures-based crypto ETFs and is believed to be assessing the possibility of approving spot crypto ETFs.
In a June report, it was noted that HSBC, the British banking giant, had already started dealing in crypto ETFs for its Hong Kong customer base.
Hong Kong's Aspirations of Crypto Hub
Hong Kong has been aspiring to establish itself as a financial center and a crypto hub. However, its efforts met with a setback after a recent cryptocurrency fraud involving JPEX. The Hong Kong Monetary Authority enhanced its crypto oversight in the wake of the scandal. In September, the SFC released a roster of companies supervising the operation of crypto trading platforms within the city.
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