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HashKey and Bosera International have received conditional approval from the Hong Kong regulator for two crypto spot ETFs, marking a pivotal moment for Asian investors.
HashKey Capital and Bosera International have obtained conditional approval from Hong Kong's Securities and Futures Commission (SFC) to offer spot bitcoin and ethereum exchange-traded funds (ETFs) in the region. in a blog ad On April 15, HashKey said ETFs “close the gap for traditional institutions to invest in virtual assets,” adding that the move will “significantly broaden” conventional and retail investors' exposure to cryptocurrencies.
“We sincerely thank Hong Kong regulators for their foresight and positive approach. The virtual asset management industry has immense potential for transformation and we are proud to be the first participants in this innovative industry.”
Hash Key Capital
HashKey also hopes that the approval will spur the development of the cryptocurrency market in Hong Kong and Asia, as it is expected to “attract more global funds and improve the underlying vitality of the market.” However, no specific details regarding the launch date of the ETFs have been revealed.
As crypto.news previously reported, once the SFC approves the first batch of bitcoin spot ETFs, the Hong Kong Stock Exchange will need about two weeks to prepare for product listing and other matters.
The approval of spot bitcoin ETFs in Hong Kong comes shortly after a similar move by the US Securities and Exchange Commission (SEC), which approved the first batch of spot bitcoin ETFs in the United States three months ago. Currently, the top 10 bitcoin ETFs collectively manage more than $55 billion, with the top three accounting for more than 85% of total assets under management. Following the news, bitcoin (btc) saw a 1.6% increase in value, while ethereum (eth) rose more than 3%, according to CoinMarketCap.
