Hong Kong has approved several applications for spot Bitcoin and Ether exchange-traded funds (ETFs), paving the way for its establishment as a leading crypto hub in Asia.
This comes as the Hong Kong Securities and Futures Commission (SFC) has granted approvals to virtual asset management firms, allowing them to introduce new crypto investment products.
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Among the approved, China Asset Management's Hong Kong unit will soon offer spot Bitcoin and Ether ETFs in partnership with OSL and BOCI International.
Similarly, Harvest Global Investments announced it received in-principle approval to launch two crypto ETFs, also in collaboration with OSL.
Moreover, Bosera Asset Management and HashKey Capital have been granted conditional approval to jointly launch two new ETFs, the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, which will allow investors to purchase shares using Bitcoin and Ether directly. However, a specific launch timeline has not yet been announced.
Bosera has reportedly highlighted the broader implications of this approval in a statement:
The introduction of the Virtual Asset Spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong's status as an international financial center and a hub for virtual assets.
In 2023, Hong Kong solidified its welcoming stance towards cryptocurrencies by initiating a licensing regime for crypto trading platforms, permitting licensed exchanges to offer retail trading.
By facilitating regulated, innovative investment options, Hong Kong not only broadens investment options but also sets a precedent for financial innovation in the region.
