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Hong Kong further cemented its status as a crypto hub, with several issuers reporting approval of their bitcoin and ethereum spot exchange-traded fund (ETF) applications on April 15.
However, Hong Kong's main financial regulator, the Securities and Futures Commission (SFC), has not yet released an official statement on this development.
SFC has not responded to CryptoSlate Request for comments at time of publication.
bitcoin Spot ETF
China Asset Management, one of the issuers, revealed that its Hong Kong entity received regulatory approval to offer virtual asset management services, paving the way for Spot bitcoin and ethereum products.
Their statement says:
“China Asset Management (Hong Kong) has received approval from the Hong Kong Securities and Futures Commission to provide virtual asset management services to investors. It now plans to issue ETF products that can invest in spot bitcoin and ethereum.”
China Asset Management aims to launch the products by partnering with OSL Digital Securities. BOC International Prudential Trusteeship has been selected as its custodian.
Similarly, Bosera Capital and Harvest Global Investments announced that the financial regulator approved their applications for bitcoin and ethereum spot ETFs. However, these ads have been removed as of press time.
Meanwhile, market watchers believe that approved crypto ETFs would attract new investments to the region and revolutionize the market by providing a more efficient and less risky way of managing assets through the in-kind creation model.
crypto Center Status
The reported approval of these crypto ETFs further positions Hong Kong as a pioneering crypto hub in Asia.
Over the past year, Hong Kong has attracted widespread attention and praise from the cryptocurrency industry due to its pro-crypto regulatory approach.
Cathie Wood, CEO of Ark Invest, recently praised the country's strong pro-crypto regulatory framework. saying:
“Hong Kong is the 'leader' in terms of politics. Strongly encourages the development of innovative technology and entrepreneurs. The system of investment and mutual cooperation with the government has given the institution a good model.”
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