Outside Source
Hong Kong regulators are poised to authorize the launch of Bitcoin and Ethereum ETFs.
According to Bloomberg’s insights, the approval could be announced as early as April 15. If ETFs are approved, Hong Kong will become the first country in Asia to provide functioning Bitcoin and Ethereum ETFs.
An international division of Harvest Fund Management Co. from China and a joint venture between Bosera Asset Management (International) Co. and HashKey Capital are expected to be among the first recipients of approval for the spot crypto ETFs. The approvals are currently pending final checks.
Both asset management firms are prepared to introduce their ETFs by the end of this month, contingent on final approvals from the Securities and Futures Commission (SFC) and concluding listing arrangements with Hong Kong Exchanges & Clearing Ltd.
Last week, the SFC authorized Harvest and China Asset Management to manage funds related to virtual assets. The launch of spot Bitcoin ETFs in the U.S. in January has contributed significantly to revitalizing crypto markets this year, demonstrating the potential impact of Hong Kong’s entry into this financial product space.
Following the SEC’s approval in January, spot Bitcoin ETFs have attracted over $59 billion worth of total assets. The large inflow in these ETFs helped Bitcoin reach a new all-time high in March. Hong Kong, being a key market in Asia, could also significantly impact the Bitcoin and Ethereum markets following ETF approvals.
In May, the London Stock Exchange may launch Bitcoin and Ethereum exchange-traded notes (ETNs), which function similarly to ETFs. The approvals would make it easier for institutional investors to gain exposure to cryptocurrencies without the complexities of buying, storing, and securing them directly.
This article first appeared at crypto.news
