UBS to let wealthy clients trade crypto futures ETFs in Hong Kong: report

Quick Take

  • UBS will join its rival HSBC in giving certain wealthy clients access to trading futures-based crypto ETFs in the city, Bloomberg reported.

UBS Group is starting to allow certain clients to trade crypto-linked exchange-traded funds (ETFs) in Hong Kong, in a move to match its rival HSBC in tapping the nascent market in the city.

Bloomberg reported today, citing a source familiar with the matter, that UBS’s wealthy clients will be given access to three crypto-related futures ETFs on its platform. The three available ETFs — Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures ETFs — are authorized by Hong Kong’s Securities and Futures Commission.

UBS did not immediately respond to The Block’s request for comment.

HSBC, the largest bank in Hong Kong, has long included the three ETFs on its investment platform.

Potential spot crypto ETFs


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Meanwhile, Hong Kong is considering allowing retail access to spot ETFs directly investing in cryptocurrency

Julia Leung, chief executive officer of the SFC, said in a Bloomberg interview published earlier this week that the regulator is evaluating such retail investment products as it welcomes “proposals using innovative technology that boosts efficiency and customer experience.”

Last month, the SFC updated its guidance on virtual asset-related activities for intermediaries, broadening the investor range for crypto ETF engagement. The regulator noted in a circular at the time that it requires intermediaries to assess their clients with a knowledge test for virtual assets before they can proceed with a transaction. Institutional investors and qualified corporate professional investors are exempt from this test.

In June, Hong Kong officially started its crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services. The regulator has granted such licenses to HashKey and OSL.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.


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