Hong Kong regulators are poised to authorize the launch of Bitcoin and Ethereum ETFs.
Based on Bloomberg’s reports, the approval for Bitcoin and Ethereum ETFs in Hong Kong could be made public as soon as April 15. If approved, Hong Kong would be the first Asian nation to offer functioning cryptocurrency ETFs for Bitcoin and Ethereum.
Two entities, an international branch of Harvest Fund Management Company based in China, and a partnership between Bosera Asset Management (International) Co. and HashKey Capital, are anticipated to receive approval soon for their proposed crypto exchange-traded funds (ETFs). The approvals are undergoing final evaluations at this time.
If approved by the Securities and Futures Commission (SFC) and Hong Kong Exchanges & Clearing Ltd., both asset management firms plan to launch their ETFs this month.
Last week, the Securities and Futures Commission (SFC) gave approval for Harvest and China Asset Management to oversee funds connected to virtual assets. The introduction of Bitcoin spot ETFs in the United States back in January has significantly rejuvenated crypto markets this year, highlighting the potential influence of Hong Kong entering this financial sector.
After securing the SEC’s approval in January, Bitcoin spot ETFs have amassed an impressive $59 billion in assets. The substantial investment in these ETFs has propelled Bitcoin to a new record high in March. Notably, Hong Kong, a significant player in the Asian market, could also influence the prices of Bitcoin and Ethereum following any potential ETF approvals.
In May, it’s possible that Bitcoin and Ethereum exchange-traded notes (ETNs) will be introduced at the London Stock Exchange. These ETNs work in a way similar to exchange-traded funds (ETFs). If approved, these notes would provide institutional investors with simpler access to cryptocurrencies, eliminating the need for purchasing, storing, and securing them personally.
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2024-04-12 17:47