Hong Kong! Applicants for Bitcoin and Ether ETFs have been given initial approval, but are not yet available for sale and must first seek permission to register on the Hong Kong Stock Exchange.
Today (April 15, 2024), Hong Kong-based asset management firms including Harvest Global Investments (a subsidiary of Harvest Fund Management), HashKey Capital and Bosera Asset Management (International) announced that they have received conditional approval. From the Securities and Futures Commission (SFC) of Hong Kong in issuing ETFs
In addition to the two groups of companies above, ChinaAMC (HK), the Hong Kong unit of China Asset Management, said it received approval from authorities on Monday (April 15) to provide virtual asset management services and is moving forward with the development of a spot fund for bitcoin and ether ETFs.
However, upon receiving an application to establish an ETF, if the SEC deems that the applicant has fully complied with the specified rules, whether paying fees when submitting various documents and so on, the agency will issue a conditional approval letter. It will then have to apply for approval from the Hong Kong Stock Exchange (HKEX) before the ETFs can be traded.
The move to approve Hong Kong ETFs comes three months after the US approved its first Bitcoin ETF, and these ETFs have already attracted more than $12 billion in investments.
Bosera Asset Management (International) said in a statement: The launch of Bitcoin and Ether ETFs will not only open new opportunities for investors to allocate their investments to digital assets. It will also strengthen Hong Kong's position as an international financial center and virtual assets hub.
Earlier, informed sources revealed that Hong Kong regulators may give the green light to spot ETFs that invest directly in Bitcoin and Ethereum as early as Monday (April 15).
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