The Hong Kong Securities and Futures Commission (SFC) has just marked a new chapter for the cryptocurrency market in Asia. In a recent decision, the authority approved the launch of several exchange-traded funds (ETFs) focused on Bitcoin and Ethereum. This movement is seen as a major advance for the cryptoactive sector in the region, promoting a safer and more regulated integration of these assets into the financial market.
Among those benefiting from the new policy are renowned asset managers such as China Asset Management, Bosera Capital and HashKey Capital Limited. These companies received the green light to operate their spot ETFs, a modality that allows investors to trade fund shares directly with cryptocurrencies. Additionally, Harvest Global Investments has also received in-principle approval to operate its own spot ETFs.
Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7
- Wu Blockchain (@WuBlockchain) April 15, 2024
Tongli Han, CEO and CIO of Harvest Global Investments, welcomed the decision: “This in-principle approval for Harvest Global Investments' products in two major digital asset spot ETFs not only underscores Hong Kong's competitive advantage in the digital asset space , but also demonstrates our relentless pursuit to promote innovation in the industry and meet the diverse needs of investors.”
The new ETFs have strategic partnerships with OSL Digital Securities and BOCI International, highlighting the importance of strong collaboration to ensure the success and security of these products. These partnerships aim to address challenges such as high margin requirements and price volatility in the cryptoasset market.
The introduction of crypto ETFs by asset management giants not only opens up new investment opportunities but also reinforces Hong Kong's status as an international financial hub and a hub for innovation in digital assets. The measure is aligned with the city's strategic objective of leading in financial innovation, especially in the field of digital assets.
The newly approved products promise to offer a regulated and innovative investment alternative for both retail and institutional investors. While local enthusiasm may not be as palpable as that seen in markets like the US, the long-term impact is expected to be significant.
After rumors last week about possible approval, the confirmation came as a relief for the market, with the Bitcoin price and Ethereum registering an important appreciation. The launch of ETFs is scheduled for the end of this month, marking another important step in the evolution of cryptocurrency market in Asia.
At the time of publication, the BTC price it was quoted at US$66.623,46 with an increase of 3,5% in the last 24 hours.
