Crypto:
30188
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Fear & Greed:
74 / 100
Bitcoin:
$ 68.787
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Hong Kong Approves First Batch of Spot Bitcoin and Ether ETFs in Drive to Become Crypto Hub

Hong Kong

On Monday, Hong Kong greenlit several spot bitcoin and ether exchange-traded funds (ETFs) applications, marking another step forward in its quest to establish itself as a leading crypto hub in the region.

China Asset Management, a prominent Chinese asset manager, announced that its Hong Kong branch had received provisional approval from the Hong Kong Securities and Futures Commission (SFC) to offer retail asset management services linked to spot crypto ETFs. Collaborating with OSL and BOCI International, it intends to launch spot bitcoin and ether ETFs. OSL will serve as the primary virtual asset trading and sub-custodian partner for China Asset Management in managing the upcoming ETFs.

Additionally, Harvest Global Investments revealed that its two spot crypto ETFs had received in-principle approval from the SFC. These ETFs, developed in partnership with OSL, aim to address issues such as high margin requirements effectively. OSL will leverage its robust infrastructure to ensure a secure trading environment and manage the underlying assets accurately.

Bosera Asset Management, a Hong Kong-based subsidiary of a major Chinese asset manager, and HashKey Capital confirmed that the regulator had conditionally approved two spot crypto ETFs managed jointly by the two entities. The details of “conditional approval” were not immediately disclosed.

Bosera and HashKey plan to introduce a spot bitcoin ETF, the Bosera HashKey Bitcoin ETF, and a spot ether ETF, the Bosera HashKey Ether ETF. These ETFs will enable investors to subscribe for shares using bitcoin and ether directly, although the launch timeline was not disclosed.

The approval of Virtual Asset Spot ETFs is seen as a positive development, providing investors with new avenues for asset allocation and reinforcing Hong Kong’s position as an international financial center and virtual asset hub.

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In contrast to mainland China’s crackdown on cryptocurrency trading and mining, Hong Kong has embraced crypto firms. Last year, the city implemented a licensing regime for crypto trading platforms, with licenses granted to two platforms: HashKey and OSL.

Ether ETFs

Adrian Wang, CEO of Asia-based digital asset management firm Metalpha, believes that spot ether ETFs could gain significant traction, offering investors alternative exposure to Ethereum as there are currently no ETH-related stocks available.

“Hong Kong’s approval of spot Ether ETFs is a significant milestone in its journey to become a leading crypto hub,” said Angela Ang, a former regulator at the Monetary Authority of Singapore and senior policy advisor at blockchain intelligence firm TRM Labs. “With limited alternatives for Ethereum exposure, Ether ETFs could attract considerable investor interest.”

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