Outside Source
HashKey and Bosera International have received conditional approval from the Hong Kong regulator for two spot crypto ETFs, marking a pivotal moment for Asian investors.
HashKey Capital and Bosera International have secured conditional approval from the Hong Kong Securities and Futures Commission (SFC) to offer spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the region. In a blog announcement on Apr. 15, HashKey said the ETFs “bridge the gap for traditional institutions to invest in virtual assets,” adding that the move will “significantly expand” mainstream and retail investors’ exposure to cryptocurrencies.
“We sincerely thank the Hong Kong regulators for their foresight and positive approach. The virtual asset management industry holds immense potential for transformation, and we are proud to be early participants in this innovative industry.”
HashKey Capital
HashKey also expects the approval to stimulate the development of the crypto market in Hong Kong and Asia, as it’s anticipated to “attract more global funds and enhance the market’s underlying vitality.” However, specific details regarding the launch date of the ETFs haven’t been disclosed.
As crypto.news reported earlier, once the SFC approves the first batch of spot Bitcoin ETFs, the Hong Kong Stock Exchange will need about two weeks to prepare for product listing and other matters.
The approval of spot Bitcoin ETFs in Hong Kong comes shortly after a similar move by the U.S. Securities and Exchange Commission (SEC), which approved the first batch of spot Bitcoin ETFs in the United States three months ago. Currently, the top 10 spot Bitcoin ETFs collectively manage over $55 billion, with the top three accounting for more than 85% of the total assets under management. Following the news, Bitcoin (BTC) saw a 1.6% increase in value, while Ethereum (ETH) surged by over 3%, according to CoinMarketCap.
This article first appeared at crypto.news
