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Hong Kong’s Anticipated Approval of Bitcoin and Ether ETFs
Hong Kong is on the verge of approving Bitcoin and Ether Exchange-Traded Funds (ETFs), marking a significant milestone for the cryptocurrency industry in the region. Harvest Fund Management, Bosera Asset Management, and HashKey Capital are expected to receive approval for their spot Bitcoin and Ether ETF applications.
Expected Approval Timeline
By the end of April, the Securities and Futures Commission (SFC) is likely to give the green light to the ETFs. The SFC is working in collaboration with Hong Kong Exchanges & Clearing Ltd to finalize the approval process.
Regulatory Developments
Regulators in Hong Kong have already approved the launch of crypto-based ETFs, including CSOP Ether Futures, Samsung Bitcoin Futures, and CSOP Bitcoin Futures, collectively valued at $170 million.
Strong Inflows and Market Impact
Bitcoin ETFs have played a crucial role in the resurgence of the cryptocurrency markets since the beginning of the year. The total assets under management for the 11 ETFs are projected to reach $73 billion by mid-April, with significant inflows into Blackrock’s iShares Bitcoin Trust.
Regulators’ Efforts and Investor Opportunities
Regulators, such as Julia Leung of the SFC, are actively working to establish a framework for approving ETFs that offer investor protections for virtual assets. This move aims to allow investors to access spot ETFs and participate in the growing cryptocurrency market.
Supporting Crypto Entrepreneurs
Despite challenges like the JPEX incident, where an unlicensed crypto exchange was involved in fraud, authorities in Hong Kong remain committed to supporting crypto entrepreneurs. This support is crucial for maintaining the city’s reputation as a global business center.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
