UBS Group AG, the largest Swiss wealth managerwill allow wealthy customers on its Hong Kong platform to trade crypto-related exchange-traded funds (ETFs) starting Friday.
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Fast facts
- Three crypto ETFs authorized by the Securities and Futures Commission (SFC) – Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF – will be available on UBS Hong Kong.
- Only clients with more than $2 million in investable assets will be able to trade the ETFs through UBS Hong Kong, confirmed Rob Stewart, communications director of UBS Asia Pacific. Forkast.
- Hong Kong introduced its digital asset regulatory regime on June 1, allowing licensed crypto trading platforms to serve retail investors.
- Hong Kong has already announced its ambition to become a global crypto hubdespite mainland China banning crypto trading.
- However, Hong Kong authorities have strengthened their regulatory stance towards crypto, following a US$180 million fraud case. crypto exchange JPEX.
- Two of Hong Kong’s financial situation Regulators issued a joint warning on October 23 highlighting the risks of “complex” virtual asset products for retail investors. They advised intermediaries to only sell these assets to professional investors with sufficient net worth to cover possible financial losses.
- Professional investor status requires a portfolio worth at least HK$8 million (US$1.03 million) under Hong Kong law.
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