Hong Kong's Securities and Futures Commission (SFC) is preparing to register the first spot ETFs based on Bitcoin and Ethereum. A positive decision on these products could be made as early as this Monday, April 15, Bloomberg reports with a link to its sources.
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The international branch of the Chinese asset management company Harvest Fund Management Co., as well as Bosera Asset Management (International) Co. and HashKey Capital are among the issuers expected to get the green light for both types of spot cryptocurrency ETFs.
Companies Both firms are set to launch cryptocurrency ETFs at the end of the month.
It is expected that the event could attract capital from Chinese investors and become an additional stimulus for the growth of these cryptocurrencies. The source clarified that the exact launch dates are not fixed and could change at any minute.
On April 9, the SFC granted permission to Harvest and China Asset Management to provide fund management services related to virtual assets.
The introduction of spot Bitcoin ETFs in the US on January 11 has helped fuel the resurgence of cryptocurrency markets this year. In mid-March, the price of Bitcoin rose to a record $73,798 and is currently trading at $70,155.
Hong Kong is competing with Singapore and Dubai to become a hub for digital asset companies. In June 2023, the city introduced a regulatory regime for virtual asset service providers and approved platforms operated by HashKey Group and OSL Digital Securities.
Hong Kong traders have three Bitcoin futures ETFs available to them: CSOP Bitcoin Futures, CSOP Ether Futures and Samsung Bitcoin Futures. The total assets of these funds are estimated at approximately $170 million.
