Hong Kong To Approve Spot Bitcoin & Ethereum ETFs By Monday

Vignesh Karunanidhi
Hong Kong To Approve Spot Bitcoin & Ethereum ETFs By Monday

Hong Kong is expected to approve Bitcoin and Ethereum exchange-traded funds (ETFs) as early as Monday, according to Bloomberg.

According to sources familiar with the matter, the issuers expected to receive approval for spot-crypto ETFs are an international arm of Chinese asset manager Harvest Fund Management Co. and a collaboration between Bosera Asset Management (International) Co. and HashKey Capital.

These firms intend to launch their respective ETFs by the end of the month, following final approval from the Securities and Futures Commission (SFC) and completion of listing details with Hong Kong Exchanges & Clearing Ltd. (HKEX).

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Hong Kong could wave the ETF green flag on Monday

The expected approvals follow reports earlier this week that Harvest was on the verge of receiving permission to launch a spot-Bitcoin ETF in Hong Kong. The SFC had previously granted Harvest and China Asset Management clearance to provide virtual-asset related fund management services on April 9.

The introduction of spot Bitcoin ETFs in the United States on January 11 has contributed to a resurgence in cryptocurrency markets this year.

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Hong Kong has been actively working to position itself as a hub for digital asset firms. The city has also implemented a regulatory regime for virtual asset service providers in June 2023.

Thus far, the city has approved platforms operated by HashKey Group and OSL Digital Securities. Prior to the anticipated approval of spot-crypto ETFs, Hong Kong had already permitted the launch of futures-based crypto ETFs. The three products, CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures, collectively hold assets of around $170 million.

The report comes at a time when the industry as a whole is anticipating Bitcoin Halving. With only seven days to go for the halving, Hong Kong is bringing good news to Bitcoin enthusiasts.