The Hong Kong Securities and Futures Commission (SFC) has officially approved several bitcoin and ethereum exchange-traded funds (ETFs), a decision that marks a significant development in the region's booming crypto market. These approvals were granted to prominent asset managers including China Asset Management, Bosera Capital and HashKey Capital Limited, along with an in-principle approval for Harvest Global Investments.
Hong Kong SFC approves bitcoin and eth ETFs
China Asset Management's Hong Kong unit, as detailed in itstwitter.com/WuBlockchain/status/1779752184412008585″ target=”_blank” rel=”nofollow”> Press release, received SFC approval to launch bitcoin and ethereum spot ETFs. This initiative is part of a collaboration with OSL Digital Securities Limited and BOCI International, with the aim of providing retail asset management services with direct subscriptions to cryptocurrencies.
Similarly, Bosera Asset Management and HashKey Capital have announced that they have received conditional approval from the SFC for their own crypto spot ETFs. These products, called Bosera HashKey bitcoin ETF and Bosera HashKey Ether ETF, will allow investors to directly use bitcoin and ethereum to subscribe to ETF shares, as stated in their press release.
Harvest Global Investments has also stood out with the SFC's in-principle nod for two major digital asset spot ETFs. According to their press release, Mr. Tongli Han, CEO and CIO of Harvest Global Investments, commented: “This in-principle approval of Harvest Global Investments' products in two major digital asset spot ETFs not only underlines the competitive advantage of Hong Kong in the digital sector. asset space, but also demonstrates our relentless pursuit to promote innovation in the industry and meet the diversified needs of investors.”
These ETFs will be launched through a partnership with OSL Digital Securities, the first SFC-licensed and insured digital asset platform, highlighting significant progress in addressing common market challenges such as excessive margin requirements and premiums. of prices.
The press release from Bosera and HashKey highlights that the introduction of these virtual asset spot ETFs will not only provide new asset allocation opportunities, but will also reinforce Hong Kong's status as an international financial center and virtual asset hub. This move is aligned with the city's strategic drive to establish itself as a regional leader in financial innovation, particularly in the digital assets sector.
The approvals are indicative of Hong Kong's progressive regulatory framework that aims to integrate digital assets within its financial ecosystem safely. The establishment of these ETFs is expected to provide an innovative and regulated investment avenue for retail and institutional investors in the region. While there is not as much enthusiasm as around US ETFs, some analysts believe the impact could be similar.
These approvals come after rumors last Friday about the possible approval of these ETFs. The market had been abuzz with speculation, and today's confirmation has provided bitcoin and eth prices with a much-needed boost. btc is up 2.2% since the announcement, surpassing the $66,000 mark. The approved ETFs will reportedly launch at the end of April.
At the time of publication, btc was trading at $66,535.
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