Hong Kong Securities Regulator Approves Spot Bitcoin and Ethereum ETFs
Hong Kong’s Securities and Futures Commission (SFC) has given the green light to several spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the region, marking a significant milestone in the cryptocurrency market.
The approved ETFs include ChinaAMC, Harvest, and Bosera HashKey Bitcoin and Ether ETFs, as announced on the official SFC website. The approval comes after the securities regulator initially granted conditional approval earlier this month, with trading dates now set for April 30.
According to ChinaAMC’s head of digital assets, Thomas Zhu, the spot Bitcoin and Ether ETFs provide both retail and institutional investors with a regulated and secure way to invest in virtual assets. With the increasing popularity of ETFs in Hong Kong, the firms anticipate strong demand for their offerings.
ChinaAMC and Harvest Global Investments ETFs will utilize digital asset platform OSL as a “sub-custodian partner,” ensuring compliance with regulatory requirements. While it remains uncertain if mainland Chinese investors will be able to access these ETFs, the potential influx of up to $25 billion into the market could have a significant impact.
Despite China’s strict stance on cryptocurrencies in the past, the approval of spot ETFs in Hong Kong could pave the way for more progressive regulations in the region. OSL’s CEO, Patrick Pan, believes this development could lead to a ripple effect across Asia, encouraging other countries to adopt similar measures.
As the market eagerly awaits the launch of these ETFs, Decrypt has reached out to HashKey and OSL for further insights. Stay tuned for updates on this evolving story.
