- Hong Kong regulators may approve Bitcoin and Ethereum spot ETF on Monday.
- At least four Chinese and Hong Kong asset managers have filed to launch crypto spot ETFs.
- Hong Kong approved its first crypto ETFs for futures in late 2022.
Hong Kong regulators may be approving the first crypto exchange-traded funds (ETFs) that directly invest in Bitcoin and Ethereum as early as Monday, April 15. Bloomberg recently captured this detail, citing sources familiar with the situation.
This move emerged after the Hong Kong Securities and Futures Commission (SFC) and Monetary Authority (HKMA) declared their willingness to consider applications for spot crypto ETFs last December.
According to the latest development, at least four mainland Chinese and Hong Kong asset managers have submitted applications to launch crypto spot ETFs. The insider sources affirmed that regulators have expedited the approval process.
Remarkably, this potential approval timeline of next week would position Hong Kong as the first city in Asia to offer crypto spot ETFs. In a statement, Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto wealth manager, emphasized the significance of Hong Kong ETFs. Wang remarked:
“The significance of Hong Kong ETFs is far-reaching as it could bring in fresh global investment as well as push crypto adoption to a new height.”
Notably, the international division of Chinese asset manager Harvest Fund Management is among the anticipated issuers. This firm recently obtained approval from the SFC to manage portfolios investing more than 10% in virtual assets.
Other anticipated Bitcoin spot ETF issuers include a collaboration between Bosera Asset Management and HashKey Capital.
Previously, Hong Kong approved its first crypto ETFs for futures in late 2022. The largest of these, the CSOP Bitcoin Futures ETF, has witnessed a significant increase in assets under management (AuM). In particular, its AuM has expanded sevenfold since September to approximately $120 million.
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