Hong Kong Identifies Bitcoin and Ethereum ETFs as Crypto Market Soars
The week started on a strong note; Bitcoin rose over $66,000, up 3.02% from the previous day, thanks to Hong Kong's ETF development.
While spot cryptocurrency ETFs are gaining a lot of attention, Hong Kong also joined the trend by approving several spot Bitcoin and Ethereum ETFs on Monday.
Hong Kong Spot Welcomes Bitcoin and Ethereum ETFs
The latest move reflects the city-state's ongoing efforts to establish itself as a leading crypto hub in the region.
China Asset Management, a leading asset manager, announced that its Hong Kong division has been given the green light by the Hong Kong Securities and Futures Commission (SFC) to offer retail asset management services linked to spot crypto ETFs. The next step will be to launch spot Bitcoin and Ethereum ETFs in partnership with OSL and BOCI International.
Harvest Global Investments also announced that two spot crypto ETFs have received initial approval from the SFC. The company brought in OSL to launch these ETFs to address concerns such as excessively high margin requirements.
The Hong Kong regulator also approved Bosera Asset Management and HashKey Capital, the Hong Kong-based unit of a major Chinese asset manager, to jointly manage two spot crypto ETFs.
