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Hong Kong set to welcome spot bitcoin, ethereum ETFs
Three asset managers said to have received SFC nod on launch of crypto assets
Yuki Li 15 Apr 2024

Hong Kong is poised to welcome its first spot bitcoin and ethereum exchange-traded funds (ETFs), marking another milestone in the territory’s efforts to build its reputation as an international hub for digital assets.

This comes as the prices of bitcoin and ethereum rose, a positive shift in market sentiment following lacklustre performance in recent days. As of late afternoon on April 15 (Hong Kong time), bitcoin was trading above US$66,600, up over 1%, while ethereum rose by more than 3%.

The Hong Kong branches of Harvest Fund Management and Bosera Asset Management have received conditional approvals from the Hong Kong Securities and Futures Commission (SFC) to launch spot bitcoin and ethereum ETFs, several sources told The Asset.

China Asset Management (Hong Kong), meanwhile, confirmed that it has received approval from the SFC to provide virtual asset management services.

ChinaAMC (HK), in partnership with OSL Digital Securities Ltd, a pioneer in the virtual assets sector, and BOCI-Prudential Trustee Ltd, a well-known custodian, is actively deploying resources in the development of spot bitcoin ETFs and ethereum ETFs. However, it would not comment on whether it has received approval for individual crypto ETF products.

The SFC has yet to make an official announcement on the regulatory approvals.

Currently, the Hong Kong Exchange (HKEX) lists two crypto futures ETFs, including the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF, which began trading in December 2022. These were the first listed bitcoin and ether futures ETFs available in Asia.

The latest developments on digital assets in Hong Kong came after United States Securities and Exchange Commission approved 11 spot bitcoin ETFs on January 10. These ETFs, issued by leading financial institutions such as BlackRock, Franklin Templeton, and Fidelity, represent a significant milestone for global crypto investment, boosting investor confidence and, most importantly, enhancing the credibility of investments in the crypto space.

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