The approvals were granted to funds managed by China Asset Management, Harvest Global, Bosera, and HashKey.
This development underscores Hong Kong’s commitment to establishing a more inclusive financial ecosystem with enhanced access to digital assets. Let’s explore more about Bitcoin and Ether ETFs.
Hong Kong Takes Major Step with Approval of Crypto ETFs
Despite no set launch dates, approvals signal growing institutional crypto acceptance. China Asset Management announced that its Hong Kong unit received approval in principle from the Hong Kong SFC.
This approval allows them to offer retail asset management services for spot crypto ETFs. This approval allows them to provide retail investors with new avenues for cryptocurrency investment, enhancing the diversification of investment portfolios.
Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7
— Wu Blockchain (@WuBlockchain) April 15, 2024
Similarly, Harvest Global Investments has also received in-principle approval for two spot crypto ETFs. The company stated that these ETFs would be issued in collaboration with OSL, a digital asset platform known for its robust security and compliance measures.
This collaboration aims to address and mitigate common concerns in the crypto trading space, such as excessively high margin requirements. These barriers can deter many potential investors from entering the market
More About Bitcoin and Ether ETFs in Hong Kong
Furthermore, the move aligns with Hong Kong’s broader strategy to assert itself as a leading financial technology and crypto-friendly destination. Amid global regulatory crackdowns, Hong Kong positions itself as a safe harbor for crypto businesses and investors. It leverages its robust regulatory framework and international financial market expertise.
If Hong Kong does "approve for bitcoin and ether ETFs at the same time, that will certainly be a first around various different jurisdictions in the world," @crypto_council chief APAC analyst @CryptoSeanLee says.
Catch the full interview on "First Mover": https://t.co/dxRRSQ4eJt pic.twitter.com/sMSDrcaPLS
— CoinDesk (@CoinDesk) April 12, 2024
As Hong Kong embraces blockchain and cryptocurrencies, approving these spot ETFs is a critical advancement. It not only enhances the region’s attractiveness as a crypto hub but also sets a benchmark for other regulatory bodies in Asia and globally to follow.
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