Hong Kong may approve a package of orders for the launch of new exchange-traded funds (ETFs) which are based on the two largest cryptocurrencies on the market, Bitcoin (BTC) and Ethereum (ETH), next week.
In a formidable development for the crypto industry, Hong Kong has taken a very important step towards its goal of becoming a haven for cryptocurrencies. Hong Kong has been standing out for its efforts to position itself as a hub for digital assets.
According to published information from Bloomberg, Hong Kong may approve the ETFs of Bitcoin and Ethereum next Monday, April 15th. This important movement for the crypto sector in the country has the involvement of financial actors, such as an international branch of Harvest Fund Management Co. from China and a partnership between Bosera Asset Management (International) Co.
The publication highlighted that Hong Kong's regulator, the Securities and Futures Commission (SFC), has the potential to approve these spot ETFs by the end of April. The action will depend on final agreements with Hong Kong Exchanges & Clearing Ltd.
Hong Kong gives green light to approve Bitcoin ETFs next week
Hong Kong's cryptocurrency sector regulators have given a Positive sign for approval of spot Bitcoin exchange-traded funds (ETFs). Regulators will likely approve the first set of applications for Bitcoin ETFs next week, according to information published by Reuters.
Two people familiar with the matter confirmed the regulars' move toward approval as early as next week, according to the publication. With this, it will be possible for the products to begin negotiations in April.
Given this development, Hong Kong could become a pioneer in Asia, being the first city to offer Bitcoin ETF products in cash. According to Reuters, the process for approving ETFs was accelerated by Hong Kong regulators.
