Two crypto exchange-traded funds (ETFs) proposed by HashKey and Bosera International have been given provisional green lights from Hong Kong’s regulatory body. This significant step forward is expected to bring excitement to Asian investors in the digital currency market.
HashKey Capital and Bosera International have received tentative approval from Hong Kong’s Securities and Futures Commission (SFC) to provide Bitcoin and Ethereum exchange-traded funds (ETFs) in the area. According to a blog post on April 15, HashKey stated that these ETFs will serve as a connection for conventional institutions to invest in digital assets, broadening the investment opportunities for both institutional and retail investors in the cryptocurrency market.
“We deeply appreciate the forward-thinking attitude and actions of Hong Kong regulatory bodies. The field of virtual asset management offers great prospects for growth and innovation, and we’re thrilled to be among the pioneers in this dynamic industry.”
HashKey Capital
HashKey is optimistic that the approval of their ETFs will bring about significant growth in Hong Kong’s and Asia’s crypto markets. This is because it’s believed that the ETFs will draw in more international investment and strengthen the market’s foundational energy. Nevertheless, no concrete information has been given regarding when the ETFs will be launched.
According to a previous report by crypto.news, it is expected that the Hong Kong Stock Exchange will take approximately two weeks to prepare and list the first batch of Spot Bitcoin ETFs once approved by the Securities and Futures Commission (SFC).
In Hong Kong, the green light for spot Bitcoin ETFs has been given not long after the US Securities and Exchange Commission (SEC) granted approval for such products in the United States three months prior. The combined assets of the top ten spot Bitcoin ETFs now exceed $55 billion, with the leading three managing over 85% of this total. Consequently, Bitcoin (BTC) experienced a 1.6% price rise, and Ethereum (ETH) recorded a surge of more than 3%, based on CoinMarketCap data.
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2024-04-15 10:25