While these ETFs had a relatively poor reception during their first trading week compared to their U.S. counterparts, their launch has attracted the attention of traders in Asia who see them as new investment opportunities.
Richard Byworth, managing partner at SyzCapital and BTC investor, hinted at the possibility of mainland China investors accessing Bitcoin ETFs listed in Hong Kong.
Byworth’s comments, made in response to Samson Mow, suggested that these spot Bitcoin ETFs could potentially be added to Stock Connect, a cross-border investment route linking the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. The Stock Connect program offers access to a wide range of stocks but has a daily quota limit.
I just got back from Hong Kong. There is talk that the ETF could be added to stock connect. The implications for this are absolutely enormous (basically means mainland money can buy it)
— Richard Byworth ∞/21M (@RichardByworth) May 1, 2024
While these remarks from Byworth remain speculative, China’s firm anti-crypto stance has fueled discussions on social media. Brian HoonJong Paik, co-founder and chief operating officer at SmashFi, weighed in on the rumours, highlighting the potential for Chinese investors to seek alternative assets given the country’s heavy real estate investments and concerns about social unrest.
In another post, Paik identified several trade arrangements, including the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect, and the Qualified Domestic Institutional Investor scheme, which could facilitate Chinese investment in spot BTC ETFs in Hong Kong. Additionally, the mutual recognition of funds between Hong Kong and mainland China allows eligible funds to be distributed in each other’s markets.
China’s regulatory environment has presented challenges for the crypto industry. In 2021, the country banned Bitcoin mining and foreign crypto exchanges from serving mainland customers. However, despite these restrictions, Chinese courts have recognized Bitcoin as legal property in several jurisdictions, indicating a nuanced approach to cryptocurrency within the country.
Also Read: Tencent Cloud and China CITIC Bank Partner to Push AI Digital Banking in Hong Kong
Hong Kong approves first Solana spot ETF
Hong Kong has approved its first Solana (SOL) spot exchange-traded fund (ETF), marking a new milestone in the region’s push to become a leading hub for regulated digital asset investment. The move makes Solana the third cryptocurrency after Bitcoin and Ethereum to receive the green light for a spot ETF listing in the city.
According to filings on the Hong Kong Stock Exchange, the ETF is scheduled to debut on October 27, with trading counters available in Hong Kong dollars, renminbi, and U.S. dollars.
Each trading lot will comprise 100 SOL tokens, with a minimum investment amount of roughly US$100 (HK$780). The ETF will be custodied through OSL Exchange and OSL Digital Securities Limited, which will serve as the virtual asset sub-custodian.
Onshore crypto trading still remains prohibited in 2026
On February 6, 2026, the PBOC, CSRC and several other Chinese regulators issued a new joint notice reaffirming that Bitcoin, Ether, Tether and other virtual currencies have no legal-tender status and that crypto-related business activities in mainland China are illegal financial activities. The prohibition explicitly covers fiat-to-crypto exchanges, crypto-to-crypto trading, crypto financial products, token issuance and providing information or pricing services for crypto trading.
Importantly, the 2026 notice also says overseas companies and individuals cannot illegally provide crypto-related services to entities or individuals inside mainland China. So this is not simply a ban on domestic exchanges; authorities are also targeting offshore platforms serving mainland users.
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