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Hong Kong Set to Welcome Crypto Spot ETFs as Three Issuers Secure Regulatory Approvals

15 April 2024
in Latest News, News
Reading Time: 3 mins read
102 7
Home News Latest News

At least three asset managers are set to introduce the crypto spot ETFs to Hong Kong financial markets in the coming weeks and months following the approval of their applications by the city’s securities regulator, according to Reuters. 

Bosera Capital, China’s Asset Management (China AMC), and Harvest Global Investments are reportedly the asset managers whose applications for crypto spot ETFs have been approved by Hong Kong’s Securities and Futures Commission (SFC).

Notably, China AMC released a brief statement on April 15, 2024, stating that it had obtained permission to offer crypto asset management services in Hong Kong and that it plans to issue its crypto ETFs (both spot Bitcoin and spot Ethereum) in partnership with OSL and BOCI International. 

Harvest Global Investments, which filed two applications for spot crypto ETFs, has also announced that it had acquired in-principle approvals for its applications. The investment firm stated that it would partner with OSL to issue these two spot crypto ETFs. 

According to Reuters, Bosera is partnering with HashKey Capital to launch its ETFs.

This development positions Hong Kong as Asia’s first to embrace cryptocurrencies as a mainstream investment tool, aligning with its ambition to become a global hub for digital assets. It also follows calls from the stakeholders in the region for an expedited process for the approval of the funds. 

 

ALSO READ: Hong Kong’s Financial Secretary Reaffirms Commitment to Digital Innovation and Blockchain Technology

However, the SFC has not yet confirmed this development, and some social media posts and announcements regarding it have been taken down. 

Meanwhile, OSL has also issued a press release declaring itself the “first digital asset trading and sub-custodian partner” of the China AMC for its new spot Bitcoin and Ethereum ETFs. The asset management firm noted that its infrastructure will enable a safe trading environment crucial for the ETF’s operations but didn’t state whether the regulator approved the products.

Notably, none of the three firms revealed a timeline for introducing the ETFs to the public for trading. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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