Breaking News: Hong Kong Set to Approve Bitcoin and Ether ETFs
Exciting news for the crypto industry in Hong Kong as sources reveal that Bitcoin and Ether ETFs are expected to receive approval as early as Monday. Harvest Fund Management, along with Bosera Asset Management and HashKey Capital, are poised to get the green light for their spot Bitcoin and Ether ETF applications. This move marks a significant step for the cryptocurrency market in the region. Stay tuned for more updates!
Key Players Anticipated to Receive Approval
- Harvest Fund Management
- Bosera Asset Management
- HashKey Capital
Approval Process on the Horizon
The Securities and Future Commissions (SFC) are expected to approve the Bitcoin and Ether ETFs by the end of April. Collaboration with Hong Kong Exchanges & Clearing Ltd is underway to finalize the approval process. Initial approvals may come as early as Monday.
Crypto-Backed ETFs Already Launched
Regulators have already given the green light for the launch of crypto-backed ETFs. CSOP Ether Futures, Samsung Bitcoin Futures, and CSOP Bitcoin Futures collectively hold an estimated value of $170 million, showcasing a growing trend in the market.
Bitcoin ETFs Making Waves in the Market
Bitcoin ETFs have shown strong inflows since their launch earlier this year, contributing to a resurgence in the cryptocurrency markets. The total assets under management for 11 ETFs are projected to reach $73 billion by mid-April, with substantial investments flowing into Blackrockβs iSharesBitcoin Trust.
Regulators Pushing for Spot ETFs Approval
Julia Leung, deputy chief executive director of intermediaries for the SFC, is actively working towards setting up a regime to approve ETFs that provide investor guarantees for mainstream virtual assets. Despite challenges such as the JPEX scandal, Hong Kong regulators remain committed to supporting crypto entrepreneurs and bolstering the city’s reputation as a global business hub.
Hot Take: Hong Kong’s Crypto Market on the Rise
Exciting developments in the crypto space in Hong Kong as Bitcoin and Ether ETFs are on the brink of approval. With key players in the industry set to receive the green light, the region’s crypto market is poised for growth and expansion. Stay tuned for more updates on this evolving story.
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