Hong Kong regulators might give the green light to the first-ever Bitcoin and Ethereum spot exchange-traded funds (ETFs) as soon as Monday. Several asset managers from China and Hong Kong have applied to launch these ETFs.
This follows the approval of the city’s initial crypto ETFs for futures in late 2022. The move comes after the Hong Kong Securities and Futures Commission (SFC) and Monetary Authority (HKMA) showed interest in spot crypto ETF applications last December.
Hong Kong Poised to Pioneer Crypto Spot ETFs in Asia
At least four asset management firms from mainland China and Hong Kong have applied to introduce crypto spot exchange-traded funds (ETFs), according to recent reports. Insider sources indicate that regulators are fast-tracking the approval process for these applications.
If approved as anticipated next week, this move would establish Hong Kong as the first city in Asia to offer crypto spot ETFs. Adrian Wang, CEO of Hong Kong-based crypto wealth manager Metalpha, highlighted the significance of this development. He emphasized that Hong Kong ETFs could attract new global investments and elevate crypto adoption to unprecedented levels.
Anticipated Issuers of Bitcoin Spot ETFs in Hong Kong
The international arm of Harvest Fund Management, a prominent Chinese asset manager, is among the expected issuers of Bitcoin spot exchange-traded funds (ETFs) in Hong Kong. Harvest recently received approval from the Securities and Futures Commission (SFC) to oversee portfolios with investments exceeding 10% in virtual assets.
Another anticipated issuer is a partnership between Bosera Asset Management and HashKey Capital, signaling growing interest from both local and international players in the crypto ETF space.
Hong Kong’s regulatory green light for Bitcoin futures ETFs in late 2022 paved the way for these developments. Notably, the CSOP Bitcoin Futures ETF, the largest of its kind, has experienced a significant surge in assets under management (AuM), soaring sevenfold since September to around $120 million.
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.
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