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Spot ETFs based on Bitcoin and Ethereum approved in Hong Kong

Regulation: Spot ETFs based on Bitcoin and Ethereum approved in Hong Kong

The Securities and Futures Commission of Hong Kong (SFC) has given the green light to introduce spot ETFs linked to bitcoin and Ethereum. The decision comes from an official statement issued by Bosera Asset Management.

According to the publication, the products have received "conditional" approval from the regulator. This likely means that it will take some time before these assets start trading.

According to the statement, the Bosera International subsidiary and HashKey Capital will fully utilize their expertise and resources in the traditional finance industry (TradFi) to jointly promote the launch of bitcoin and Ethereum-based spot ETFs. The move aims to offer clients a safe, compliant and convenient approach to investing in digital assets.

The specific symbols of these products have not yet been disclosed by the company. However, it is confirmed that they will be traded on the Hong Kong Stock Exchange (HKSE).

Bosera International and HashKey Capital entered into a strategic partnership agreement in early April 2024. The press release highlights that the two organizations will jointly oversee the management of these products.

It was previously reported that the SFC will formally approve spot cryptocurrency ETFs on April 15, 2024. In addition to the aforementioned providers, several other companies, including Harvest Fund Management Company and China Asset Management, have applied.

China Asset Management, which has been authorized to provide virtual asset services, intends to introduce spot ETFs in cooperation with OSL Digital Securities and BOC International Prudential Trusteeship Ltd.

Earlier, experts speculated that the launch of spot ETFs tied to #bitcoin and #Ethereum could take 10 to 14 days.

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