Hong Kong-based investment firm Victory Securities has announced proposed fees for Bitcoin and Ethereum exchange-traded funds following the approval of cryptocurrency ETFs. This announcement was made at a time when the Hong Kong Securities and Futures Commission (SFC) had not yet listed ETF issuers.
Hong Kong and ETF Fee Dynamics
If SFC approval is received, Victory Securities clients will pay trading fees ranging from 0.5% to 1% on the primary market for Ethereum and Bitcoin ETF shares. In the secondary market, a fee of 0.15% will be charged for online transactions and 0.25% for phone transactions. These rates are comparable to fees charged by similar funds in the United States. In particular, Franklin Templeton's 0.19% fee stands out in this comparison.
On the other hand, the Grayscale Bitcoin Trust (GBTC) fund charges a high fee of 1.5%, which increases the selling pressure on the fund. Hong Kong joined countries to approve spot ETF funds for Bitcoin and Ethereum in April 2023.
Prospects for Spot ETF Funds in Hong Kong
Three major asset management firms from China plan to launch spot Bitcoin and Ethereum ETFs in Hong Kong. While this development has been welcomed by the crypto community, some critics are skeptical of ETF success in the region. Chinese investors will not be able to purchase these funds due to the cryptocurrency purchase ban in their country.
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