Switzerland's largest bank is following in the tracks of HSBC by allowing wealthy clients to trade crypto exchange-traded funds in the city.
A selection of three crypto-ETFs related to Bitcoin and Ethereum were available on a UBS trading platform for wealthy clients as of Friday, the «Bloomberg» news service reported (paywall), citing a person who was familiar with the matter.
The funds had been approved by the Securities & Futures Commission (SFC), with the source, who requested to remain anonymous, indicating that clients could access educational material related to the funds. UBS declined to comment on the matter, the news agency indicated.
Hong Kong implemented a new digital licensing regime related to digital assets on June 1 in an effort to both promote digital asset trading while also ensuring that investors remain duly protected.
Seba Approval
Zug-based Seba Bank, one of two Swiss crypto-banks, was licensed by the SFC earlier this week. As finews.com reported, the step will allow it to engage in a wide range of activities and advisory services related to securities, OTC derivatives, and structured products related to underlying virtual or digital assets.
