While the US continues to move closer to the dream of a spot ETF being fulfilled, they aren’t the only country where major crypto ETF moves are happening.
This week, reports emerged that HSBC, Hong Kong’s largest bank, will now allow customers to trade three crypto ETFs listed on Hong Kong’s stock exchange:
CSOP Bitcoin Futures ETF
CSOP Ethereum Futures ETF
Samsung Bitcoin Futures ETF
HSBC is now the first Hong Kong bank to allow trading in crypto ETFs, but judging by Hong Kong’s almost stunning embrace of crypto, they won’t be the last:
Hong Kong recently introduced a new licensing regime for crypto platforms (something that still evades us in the US).
Hong Kong’s banking regulators are urging the banks to embrace crypto clients (imagine that happening in the US).
Hong Kong’s crypto regulators are actively courting US founders to go eastward.
It’s no wonder why major crypto executives are making the trek to meet with Hong Kong regulators.
The East/West Crypto Flippening is upon us. Hong Kong actually has a clear path to "come in and register" and a transparently published list of approved crypto assets. That's why they are going to become a global crypto leader.
— #Cameron Winklevoss (#@cameron)
3:13 PM • Jun 23, 2023
While many of our readers don’t live in Hong Kong and will never touch/trade one of their crypto ETFs, it doesn’t mean this move by HSBC isn’t significant. Specifically, there are three major things to keep track of here:
Hong Kong’s embrace of crypto as a precursor to China. If China ever lets its population of 1.4 billion deal with crypto, prices are very likely going off to races.
The institutions aren’t coming, they’re already here. Whether it’s BlackRock, HSBC, or Fidelity, the biggest financial players in the world now want to run crypto ETFs. That is extremely bullish for crypto.
The crypto race between the East and the West is officially on. Hong Kong is going out of their way to attract crypto entrepreneurs, while the US is going out of their way to drive them out.
