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UBS permits crypto ETFs for Hong Kong buyers with at the least US$2 mln belongings

by CoinVeem

UBS Group AG, the biggest Swiss wealth manager, will permit rich shoppers on its Hong Kong platform to commerce crypto-linked exchange-traded funds (ETFs) from Friday.

See associated article: SEBA crypto bank receives license in Hong Kong

Quick Details

  • Three crypto ETFs approved by the Securities and Futures Fee (SFC) — Samsung Bitcoin Futures Lively ETF, the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF — might be out there on UBS Hong Kong.
  • Solely shoppers with over US$2 million in investable belongings will be capable of commerce the ETFs via UBS Hong Kong, Rob Stewart, chief communication officer at UBS Asia Pacific confirmed to Forkast. 
  • Hong Kong introduced its digital asset regulatory regime on June 1, permitting licensed crypto buying and selling platforms to serve retail buyers.
  • Hong Kong has beforehand introduced its ambitions to change into a global 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 exchange JPEX
  • Two of  Hong Kong’s financial regulators issued a joint warning on Oct. 23 pointing to the dangers of “advanced” digital asset merchandise on retail buyers. They suggested intermediaries to solely promote such belongings to skilled buyers with a web value to cowl any monetary losses.
  • Skilled investor standing requires a portfolio value at the least HK$8 million (US$1.03 million) below Hong Kong legislation.

See associated article: Standard Chartered’s Zodia Custody to launch in Hong Kong

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