UBS Group’s Wealthy Clients Can Now Trade Some Crypto ETFs in Hong Kong: Bloomberg

Swiss bank UBS' wealthy clients can now take exposure to three crypto exchange-traded funds (ETFs) through the lender's Hong Kong platform, according to a Bloomberg report citing a person familiar with the matter.

The three crypto ETFs, Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures ETFs, are all authorized by Hong Kong's securities regulator, the Securities and Futures Commission (SFC). Together, the three products boast assets worth around $72 million.

Significantly, the news comes a day after HSBC, one of the world's largest banks, said it plans to start a digital assets custody service for institutional clients.

In the past few days, Hong Kong has moved towards allowing retail investors to buy spot crypto Exchange Traded Funds (ETFs) and primary dealing of tokenization. The move appears to be another step in Hong Kong's recently accelerated ambitions to become a virtual asset hub. It implemented a new regulatory regime in June, accepting applications for crypto trading platform licenses, and granted the first set in August, allowing exchanges to serve retail customers.

UBS and the SFC did not immediately respond to a CoinDesk request for comment.

Recently, UBS was named as one of six commercial banks working with the Swiss National Bank (SNB) on a wholesale central bank digital currency (CBDC) pilot.

Earlier this year, in March, UBS stepped in to save Credit Suisse after the latter collapsed. Shortly after bitcoin climbed above $28,000.

Read More: Hong Kong Reverses Stance on Spot-Crypto, ETF Investing, With a Catch