As a seasoned crypto investor with a strong interest in ETFs, I am excited about the upcoming launch of Bitcoin and Ethereum ETFs in Hong Kong. Based on my experience and knowledge of the market, I believe that the trading volume on the first day of listing in Hong Kong will surpass that of the United States.
Tomorrow at 9:30 a.m. Eastern Daylight Time, Hong Kong is scheduled to debut new Bitcoin and Ethereum Exchange-Traded Funds (ETFs). These funds are anticipated to experience a higher initial trading volume than their counterparts in the United States upon launch.
“Zhu Haokang, head of digital asset management and family wealth at Huaxia, expressed strong belief that the trading volume for Hong Kong’s virtual asset spot ETF on its debut day could surpass that of the US counterpart.”
This year, the United States witnessed a trading volume of approximately $125 million in Bitcoin spot ETFs on their first day of sale. Hong Kong aspires to exceed this amount.
These ETFs offer distinct characteristics not found in American equivalents. For instance, they provide in-kind redemptions and subscriptions, enabling investors to make transactions using physical assets rather than just cash. Furthermore, these ETFs support multi-currency trading, allowing users to deal in currencies such as Hong Kong dollars, U.S. dollars, and RMB. Additionally, the wallet-to-wallet transfer functionality adds to their allure on a worldwide scale.
Wayde Huang, the project lead for OSL ETF at Hong Kong, emphasized the strong regulatory foundation that fosters such endeavors.
“Huang pointed out that Hong Kong could be the front-runner globally in introducing an Exchange-Traded Fund (ETF) based on Ethereum (ETH), given the definite and well-established regulations from the China Securities Regulatory Commission categorizing cryptocurrencies such as Ethereum as non-securities.”
Although progress has been made, mainland Chinese investors at present are unable to invest in these ETFs. In contrast, international institutions, retail investors from Hong Kong, and those from other regions are allowed to participate.
As a researcher studying the cryptocurrency Exchange-Traded Fund (ETF) market, I’ve come across an intriguing development in Hong Kong. Their unique approach, specifically in regards to operational procedures like physical subscriptions and stringent anti-money laundering measures, is raising the bar in this domain.
“Huang announced that physical subscription is a trailblazing move for Hong Kong ETFs, explaining the process by which investors can safely transfer their digital assets to authorized brokerages.”
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2024-04-29 20:56