Hong Kong has received approval from the SFC for its first-ever spot Bitcoin and Ethereum ETF offerings, brought forth by four prominent financial entities.
Four major financial entities in Hong Kong have secured approval to provide spot Bitcoin and Ethereum ETFs. Harvest Global will offer these ETF products through OSL Digital Securities Co. However, mainland Chinese investors will not have access to these newly launched ETF investment opportunities.
Hong Kong Approves Spot Bitcoin and Ethereum ETFs
Green Light from SFC: The Hong Kong Securities and Futures Commission (SFC) has given the go-ahead for the trading of spot Bitcoin ETFs and spot Ethereum ETFs in the region, making Hong Kong the first jurisdiction to issue a spot Ethereum ETF while the US SEC continues to deliberate.
HK etf approval means btc and eth are becoming mainstream assets that even your mother could buy from a bank.
This is a game changer.
— Joseph Young (@iamjosephyoung) April 15, 2024
Several renowned financial firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited, have received approval from the SFC to launch Bitcoin and Ethereum spot exchange-traded funds (ETFs). This development enables investors to directly utilize Bitcoin and Ethereum to acquire shares in these ETFs, offering new avenues for digital asset investment.
Harvest Global Investments disclosed that the SFC has granted preliminary approval for the creation of Bitcoin and Ethereum digital asset spot ETFs. This marks further expansion in the digital asset investment landscape. Harvest’s CEO and CIO, Han Tongli, emphasized the significance of this approval, highlighting Hong Kong’s competitive advantages in the digital asset field and the company’s commitment to innovation.
Harvest’s investment in the two major digital asset spot ETF products will be facilitated through OSL Digital Securities Co., Ltd., the first digital asset platform licensed and insured by the HK’ SFC. This collaboration aims to address various challenges in the digital asset market and provide a more accurate reflection of Bitcoin’s real-time value.
China’s Regulations Hinder Access to Hong Kong Bitcoin and Ethereum ETFs
Complete Crypto Ban in Mainland China: Mainland China has implemented a comprehensive ban on cryptocurrencies in the region, significantly restricting access to digital asset investments.
Slim Chances for Mainland Chinese Investors: Due to the crypto ban, the likelihood of mainland Chinese investors accessing Hong Kong-listed Bitcoin and Ethereum ETFs appears slim at this stage. Issuers in Hong Kong have confirmed that regulatory constraints prevent mainland Chinese funds from investing in cryptocurrency-related ETFs.
Verified Regulatory Restrictions: Issuers in Hong Kong have verified that regulatory constraints prohibit mainland Chinese funds from participating in cryptocurrency-related ETFs. As a result, mainland Chinese investors face limited opportunities to access these investment products offered in Hong Kong.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
