Breaking: Spot Bitcoin And Ethereum ETFs Approved In Hong Kong
15 Abril 2024 - 2:00AM
NEWSBTC
The Hong Kong Securities and Futures Commission (SFC) has
officially approved several spot Bitcoin and Ethereum
exchange-traded funds (ETFs), a decision that marks a significant
development in the region’s burgeoning crypto market. These
approvals were granted to prominent asset managers including China
Asset Management, Bosera Capital, and HashKey Capital Limited,
alongside an in-principle approval for Harvest Global Investments.
Hong Kong’s SFC Approves Bitcoin And ETH ETFs China Asset
Management’s Hong Kong unit, as detailed in their press release,
has received SFC approval to launch spot Bitcoin and Ethereum ETFs.
This initiative is part of a collaboration with OSL Digital
Securities Limited and BOCI International, aiming to provide retail
asset management services with direct cryptocurrency subscriptions.
Similarly, Bosera Asset Management and HashKey Capital have
announced that they have received conditional approval from the SFC
for their own spot crypto ETFs. These products, named the Bosera
HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, will allow
investors to directly use Bitcoin and Ethereum to subscribe for ETF
shares, as stated in their press release. Related Reading: Bitcoin
To $100,000: Can Hong Kong’s Spot ETFs Make It Happen? Harvest
Global Investments has also been spotlighted with the SFC’s
in-principle nod for two major digital asset spot ETFs. According
to their press release, Mr. Tongli Han, CEO and CIO of Harvest
Global Investments, remarked, “This in-principle approval for
Harvest Global Investments’ products in two major digital asset
spot ETFs not only underscores Hong Kong’s competitive edge in the
digital asset space, but also demonstrates our unrelenting pursuit
of promoting innovation in the industry and meeting diversified
investor needs.” These ETFs are set to be launched through a
partnership with OSL Digital Securities, the first digital asset
platform licensed and insured by the SFC, highlighting a
significant stride in addressing common market challenges such as
excessive margin requirements and price premiums. Related Reading:
Bitcoin Stays Sub $70,000 As Hong Kong Readies April-End ETF Launch
The press release from Bosera and HashKey highlights that the
introduction of these virtual asset spot ETFs will not only provide
new asset allocation opportunities but also reinforce Hong Kong’s
status as an international financial center and a hub for virtual
assets. This move is aligned with the city’s strategic push to
establish itself as a regional leader in financial innovation,
particularly in the digital asset sector. The approvals are
indicative of Hong Kong’s progressive regulatory framework which
aims to integrate digital assets within its financial ecosystem
safely and securely. The establishment of these ETFs is expected to
provide a regulated, innovative investment avenue for both retail
and institutional investors in the region. While there is not as
much hype as there is around US ETFs, some analysts believe the
impact could be similar. These approvals come on the heels of
rumors last Friday about the potential approval of these ETFs. The
market had been abuzz with speculations, and today’s confirmation
has provided the Bitcoin and ETH prices with a much needed boost.
BTC is up 2.2% since the announcement, surpassing the $66,000 mark.
The approved ETFs are reportedly set to launch by the end of April.
At press time, BTC traded at $66,535. Featured image created with
DALL·E, chart from TradingView.com
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