HSBC Holdings Plc is offering trading of crypto-linked exchange traded funds to customers in Hong Kong amid a push by the city to establish itself as a hub for the alternative asset class.

HSBC, which is the Chinese territory’s largest bank, is offering trading such ETF’s via its app to customers in the city. The product comes with requirements to read through educational materials and disclosures. It’s unclear when the lender started offering such services.

A spokesman for the bank didn’t comment.

Hong Kong has embraced crypto with ambitions to become a hub for digital assets even as the sector suffered a $1.5 trillion rout last year. However, virtual asset firms have struggled to gain access to banking, and Hong Kong regulators have been pushing banks to offer them services.

HSBC outlined the risks of trading such assets, including regulatory uncertainty, liquidity and money laundering. It said that virtual asset related products are “highly speculative and prices can fluctuate greatly within a short period of time.”

HSBC Chief Executive Officer Noel Quinn has been cautious on crypto and said in 2021 the bank has no plans to start a cryptocurrency trading desk or sell digital currencies as an investment to customers.

Hong Kong rolled out a new crypto regulatory regime starting June 1, allowing crypto exchanges to offer trading services to individuals and institutions if they secure and comply with licenses designed to shield investors from the risky practices exposed in the 2022 crash. Officials have also permitted exchange-traded funds investing in CME Group Inc. Bitcoin and Ether futures. Three such ETFs launched since mid-December.

--With assistance from Suvashree Ghosh.