Hong Kong appears to be positioning itself as an innovative leader, aiming to surpass the United States in launching Ethereum (ETH) Exchange Traded Funds (ETFs). According to information released by Sing Tao Daily, industry sources revealed that the preparation of spot ETH ETFs is in full swing in the region. This movement highlights the growing acceptance of cryptocurrencies as a legitimate financial asset in several global markets.
Livio Weng, chief operating officer of HashKey Group, a digital asset financial services company, shared with Sing Tao Daily his view on the market, stating that “the Ethereum spot ETF is currently the most anticipated product by global crypto investors.” This statement underlines investors’ growing anticipation and interest around this new asset class.
In December, the Hong Kong Securities and Futures Commission (SFC) set requirements for spot cryptocurrency ETFs, demonstrating the regulator's openness to innovation in the financial sector. Soon after, Harvest Fund Management, a multinational asset management giant, filed the first application for a spot Bitcoin (BTC) ETF, marking a significant step towards the integration of cryptocurrencies into the financial mainstream.
Meanwhile, in the United States, the Securities and Exchange Commission (SEC) approved 10 spot BTC ETFs on January 10, after months of collaboration with applicants to refine their proposals. However, the SEC is still in the process of evaluating several proposals for Ethereum ETFs from major asset managers such as BlackRock, Grayscale and Fidelity, with decisions on several applications being delayed.
This scenario puts Hong Kong in a prime position to become one of the first markets to launch Ethereum ETFs, potentially pre-empting the United States and setting an important milestone for the global cryptocurrency industry.
At the time of publication, the ETH price it was quoted at US$3.972,49 with a drop of 2% in the last 24 hours.
