According to sources speaking with Bloomberg, Hong Kong regulatory bodies are nearing the completion of their review process for Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs). These ETFs could potentially receive approval as soon as next week.
Harvest Fund Management Company’s subsidiary is projected to obtain authorization to manage funds investing in Bitcoin and Ethereum. Furthermore, a partnership between Bosera Asset Management (International) Co. and HashKey Capital is predicted to receive approval to launch exchange-traded funds (ETFs) that directly buy and sell these cryptocurrencies.
Developing Story: Hong Kong Plans to Endorse Bitcoin and Ethereum ETFs by Next Week According to Bloomberg (2021)
— Radar🚨 (@RadarHits) April 12, 2024
According to Livio Weng, the CEO of HashKey Capital, an Ethereum spot ETF is likely to be approved soon, as long as the on-chain staking complications are addressed. (Or) Livio Weng, the head of HashKey Capital, expressed optimism that a spot Ethereum ETF would soon receive approval, assuming the on-chain staking challenges could be overcome.
Implications and Launch Timeline
The approval signals a step towards increasing institutional investors’ access to digital asset-based investments in Hong Kong. The first batch of issuers is scheduled to launch both types of spot ETFs by the end of April, according to Bloomberg’s report.
In simpler terms, the SFC’s recent signals of making it easier for institutions to invest in digital assets have led to expected approvals. This month, Harvest and China Asset Management were given the green light by the SFC to manage cryptocurrency funds, showing Hong Kong’s dedication to promoting innovation in the digital asset sector.
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2024-04-12 19:16