(Bloomberg) -- UBS Group AG joined rivals such as HSBC Holdings Plc in allowing clients in Hong Kong to trade some crypto-linked exchange-traded funds amid a push by the city to foster a digital-asset hub.

Three crypto ETFs authorized by the Securities and Futures Commission will be accessible to wealthy clients on UBS’s Hong Kong platform from Friday, a person familiar with the matter said, asking not to be identified discussing private information.

The Swiss bank included the Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures ETFs, the person said, adding clients can also access educational materials to understand risks. UBS declined to comment.

Hong Kong on June 1 rolled out a digital-asset regulatory regime designed to both protect investors and spur the development of a hub. Under the rules, the SFC permits retail investors to trade major tokens on licensed exchanges. The agency currently allows futures-based ETFs and is assessing whether to allow spot crypto ETFs.

Read more: Hong Kong’s Crypto Ambitions Get Guarded Reception From Firms

The city’s crypto pivot is supposed to help restore its image as a cutting-edge financial center but the push suffered a setback from the recent blowup of the unlicensed JPEX exchange amid allegations of fraud. Hong Kong subsequently tightened scrutiny of the crypto industry by setting up a joint SFC-police task-force to help monitor for suspicious activity.

The crypto sector is slowly recovering from a $1.5 trillion market rout in 2022 and high-profile collapses like the bankruptcy of Sam Bankman-Fried’s FTX platform. Speculation that the US may allow the country’s first spot Bitcoin ETFs has contributed to a doubling in the price of the largest token this year.

Financial institutions globally remain cautious about compliance risks but there are some signs of growing engagement with the crypto economy. 

DBS Group Holdings Ltd. has said it plans to apply for a license to offer crypto to Hong Kong customers. ZA Bank Ltd., Hong Kong’s biggest virtual bank, plans to offer token-to-fiat currency conversions over licensed platforms. SEBA Bank AG, a crypto bank backed by Julius Baer Group Ltd., has gotten a license for its unit to provide crypto services in Hong Kong.

The CSOP Bitcoin Futures and CSOP Ether Futures funds were billed as Asia’s first listed Bitcoin and Ether futures ETFs when they were launched in December. The two funds and the Samsung vehicle have relatively modest combined assets of about $70 million, an indication of how interest in crypto has diminished compared with the heights of the market’s pandemic-era boom.

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