UBS Group AG, the most important Swiss wealth supervisor, will enable rich shoppers on its Hong Kong platform to commerce crypto-linked exchange-traded funds (ETFs) from Friday.
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Quick Details
- Three crypto ETFs licensed by the Securities and Futures Fee (SFC) — Samsung Bitcoin Futures Lively ETF, the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF — shall be obtainable on UBS Hong Kong.
- Solely shoppers with over US$2 million in investable property will be capable to commerce the ETFs via UBS Hong Kong, Rob Stewart, chief communication officer at UBS Asia Pacific confirmed to Forkast.
- Hong Kong launched its digital asset regulatory regime on June 1, permitting licensed crypto buying and selling platforms to serve retail traders.
- Hong Kong has beforehand introduced its ambitions to turn out to be a world crypto hub, regardless of mainland China’s ban on crypto buying and selling.
- Nonetheless, Hong Kong authorities tightened their regulatory stance towards crypto, following a US$180 million fraud case at crypto alternate JPEX.
- Two of Hong Kong’s monetary regulators issued a joint warning on Oct. 23 pointing to the dangers of “complicated” digital asset merchandise on retail traders. They suggested intermediaries to solely promote such property to skilled traders with a web price to cowl any monetary losses.
- Skilled investor standing requires a portfolio price at the least HK$8 million (US$1.03 million) beneath Hong Kong regulation.
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