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Hong Kong regulators are set to authorize the launch of bitcoin and ethereum ETFs.
According bitcoin-ether-etf-approval-expected-as-soon-as-monday” target=”_blank” rel=””>Bloomberg According to their knowledge, the approval could be announced as early as April 15. If the ETFs are approved, Hong Kong will become the first country in Asia to offer functioning bitcoin and ethereum ETFs.
An international division of China's Harvest Fund Management Co. and a joint venture between Bosera Asset Management (International) Co. and HashKey Capital are expected to be among the first recipients of approval for spot crypto ETFs. Approvals are currently pending final checks.
Both asset management companies are set to file their ETFs later this month, pending final approvals from the Securities and Futures Commission (SFC) and the conclusion of listing agreements with Hong Kong Exchanges & Clearing Ltd.
Last week, the SFC authorized Harvest and China Asset Management to manage funds related to virtual assets. The launch of bitcoin spot ETFs in the US in January has contributed significantly to revitalizing crypto markets this year, demonstrating the potential impact of Hong Kong's entry into this financial products space.
Following SEC approval in January, bitcoin spot ETFs have attracted more than $59 billion in total assets. The large influx of these ETFs helped bitcoin reach a new all-time high in March. Hong Kong, being a key market in Asia, could also significantly affect the bitcoin and ethereum markets following the approval of the ETFs.
In May, the London Stock Exchange may launch bitcoin and ethereum exchange-traded notes (ETNs), which function similarly to ETFs. The approvals would make it easier for institutional investors to gain exposure to cryptocurrencies without the complexities of purchasing, storing and protecting them directly.