UBS allows crypto ETFs for Hong Kong investors with at least US$2 mln assets
UBS Group AG, the largest Swiss wealth manager, will allow wealthy clients on its Hong Kong platform to trade crypto-linked exchange-traded funds (ETFs) from Friday.
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Fast Facts
Three crypto ETFs authorized by the Securities and Futures Commission (SFC) — Samsung Bitcoin Futures Active ETF, the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF — will be available on UBS Hong Kong.
Only clients with over US$2 million in investable assets will be able to trade the ETFs through 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, allowing licensed crypto trading platforms to serve retail investors.
Hong Kong has previously announced its ambitions to become a global crypto hub, despite mainland China’s ban on crypto trading.
However, Hong Kong authorities tightened their regulatory stance toward 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 risks of “complex” virtual asset products on retail investors. They advised intermediaries to only sell such assets to professional investors with a net worth to cover any 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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