Hong Kong’s largest bank, HSBC has reportedly introduced its first local cryptocurrency service. HSBC has made it possible for its customers to buy and sell Bitcoin and Ethereum-based exchange-traded funds (ETFs).

According to the report, HSBC will specifically offer cryptocurrency ETFs listed on the Hong Kong Stock Exchange. HSBC lists three crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.

This move aims to widen the exposure of local users to cryptocurrencies in Hong Kong. According to an online report, HSBC Hong Kong had 1.7 million active mobile subscribers as of March 2022. Around 95 per cent of all HSBC retail transactions in Hong Kong were reportedly processed online.

The new service comes alongside HSBC reportedly launching a Virtual Asset Investor Education Center. This initiative is designed to protect investors from risks related to cryptocurrencies, requiring them to read and confirm educational materials and risk disclosures before investing.

The education center is reportedly available on HSBC virtual asset related products such as the HSBC HK Easy Invest app, HSB CHK Mobile Banking app and online banking.

The news comes soon after several media reports suggested in mid-June the Hong Kong Monetary Authority was pressuring major banks to accept crypto exchanges as clients.

The region’s central banks and regulators in particular have questioned companies like HSBC and Standard Chartered about why they are not taking crypto exchanges as clients.