"Wow that's great, will the positive news push crypto prices higher?"
The international arm of asset manager China Harvest Fund Management Co and a collaboration between Bosera Asset Management Co and HashKey Capital have become the first parties to receive spot approval of Bitcoin (BTC) and Ethereum (ETH) ETFs in Hong Kong today.
Following final approval from the Securities and Futures Commission (SFC) and the completion of joint listing details with Hong Kong Exchanges & Clearing Ltd (HKEX), the firms have finally succeeded in launching their respective ETFs by the end of this month.
Earlier, the SFC granted clearance to Harvest and China Asset Management to provide fund management services related to virtual assets on 9 April 2024.
Please note that the introduction of spot BTC ETF in the United States (US) on January 11, 2024 has contributed to the resurgence in the crypto market this year.
However, it should be noted that Hong Kong, which is actively trying to position itself as a hub for digital asset firms, has implemented a regulatory regime for virtual asset service providers in June 2023.
Now, Hong Kong has approved a digital asset platform run by HashKey Group and OSL Digital Securities and the country has previously allowed the launch of futures-based crypto ETFs.
Among them are CSOP Bitcoin Futures, CSOP Ether Futures and Samsung Bitcoin Futures which collectively hold around $170 million in assets.
