The Hong Kong Securities and Futures Commission recently approved bitcoin spot ETFs for several major asset managers, paving the way for the city to become a leading hub for such products.
The approval comes after months of anticipation and marks a major milestone for the bitcoin industry in Asia.
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ONLY IN: Hong Kong Location twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs to begin trading on April 30: HashKey Capital
Asia is ready pic.twitter.com/TDfNZTqPQU
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1783054200756199512?ref_src=twsrc%5Etfw”>April 24, 2024
HashKey Capital, a local asset management firm, confirmed that its bitcoin ETF will begin trading next Tuesday. In a statement, a company spokesperson acknowledged the launch date, making it one of the first companies to offer a spot bitcoin ETF in Hong Kong.
OSL, a digital asset platform that acts as a sub-custodian and infrastructure service provider for two major fund managers, has also indicated that bitcoin spot products aim to launch in late April. This news further cements Hong Kong's position as a leader in the race to offer investors access to bitcoin through traditional financial instruments.
Elsewhere, some of China's top asset managers are in the final stages of preparations for spot bitcoin ETFs to potentially begin trading in late April.
This development is expected to attract significant interest from investors within and outside Hong Kong.
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According to predictions from Singapore-based crypto services provider Matrixport and Markus Thielen, founder of 10x Research, Hong Kong spot bitcoin ETFs could generate and unlock up to $25 billion in new demand.
This influx of capital could have a profound impact on bitcoin and further legitimize it as an asset class.
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