Crypto News– On Monday, Hong Kong took a significant step in its journey to establish itself as a leading crypto hub by approving several applications for spot bitcoin and ether exchange-traded funds (ETFs).
Hong Kong Bitcoin and Ethereum Spot ETFs, Aiming to Cement Status as Crypto Center
One of the notable approvals came from China Asset Management’s Hong Kong division, which secured the green light from the Hong Kong Securities and Futures Commission (SFC) to provide retail asset management services linked to spot crypto ETFs. They’re set to collaborate with OSL and BOCI International to launch spot bitcoin and ether ETFs.
Harvest Global Investments also received provisional approval from the SFC for their two spot crypto ETFs. These ETFs, developed in partnership with OSL, aim to address concerns such as high margin requirements.
Bosera Asset Management and HashKey Capital confirmed to The Block that they’ve received conditional approval from regulators for two spot crypto ETFs, which they’ll manage jointly. Their collaboration will give rise to the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF. Investors will have the opportunity to subscribe for ETF shares directly using bitcoin and ether. While details regarding the launch timeline weren’t disclosed, it’s evident that these developments mark a significant stride towards mainstream adoption of cryptocurrencies in Hong Kong.
The introduction of the Virtual Asset Spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong’s status as an international financial center and a hub for virtual assets.
Bosera Asset Management
Exchange-Traded Funds for Ethereum (ETH)
Adrian Wang, CEO of the Asia-based digital asset management firm Metalpha, expressed to The Block that the forthcoming Ethereum spot ETFs hold significant potential for widespread adoption.
I think ETH +4.84% ETF could be more influential and important compared to that of bitcoin, as investors have options to gain bitcoin exposure with bitcoin-related stocks like mining companies, but there are no ETH-related stocks as of now.
Adrian Wang
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