Are You A Wealthy Client Of UBS? If So, Crypto Futures ETF Trading Is Enabled In This City
Portfolio Pulse from Khyathi Dalal
UBS has enabled its wealthy clients in Hong Kong, with over $2 million in investable assets, to invest in cryptocurrency ETFs. This move aligns with China's steps towards adopting web3. HSBC and SEBA Bank have also allowed crypto-linked ETF trading in Hong Kong, while DBS Group plans to apply for a license to offer crypto services. Three U.S.-authorized crypto ETFs will be available to clients starting Nov. 10, including Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs. Hong Kong's regulatory regime allows trading of major tokens on licensed exchanges and is considering retail access to spot ETFs. The JPEX exchange is under scrutiny for a $166 million scandal, prompting increased regulatory vigilance. UBS is also collaborating with the Swiss National Bank on a CBDC pilot.
November 10, 2023 | 9:03 pm
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UBS has allowed its wealthy clients in Hong Kong to invest in cryptocurrency ETFs, in line with China's web3 adoption, and is part of a CBDC pilot with the Swiss National Bank.
UBS's announcement to enable cryptocurrency ETF trading for its wealthy clients in Hong Kong could attract more high-net-worth individuals to the bank, potentially increasing assets under management. The bank's involvement in a CBDC pilot also highlights its proactive stance in the digital currency space, which may positively influence investor sentiment.
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