Hong Kong is expected to approve Bitcoin and Ether ETFs, with Harvest Fund Management, Bosera Asset Management, and HashKey Capital anticipated to receive approval for spot Bitcoin and Ether ETF applications. By the end of April, the ETFs are expected to receive approval from the Securities and Future Commissions (SFC), and sources suggest that the initial approvals could occur as soon as Monday. The SFC is reportedly collaborating with Hong Kong Exchanges & Clearing Ltd to finalize the approval process, marking a significant development for the cryptocurrency industry in the region.
Regulators in Hong Kong have already approved the launch of crypto-based ETFs, including CSOP Ether Futures, Samsung Bitcoin Futures, and CSOP Bitcoin Futures, which collectively hold an estimated value of $170 million. Bitcoin ETFs have shown strong inflows since the year began, contributing to a resurgence in the cryptocurrency markets. The total assets under management for the 11 ETFs are projected to reach a record $73 billion by mid-April, with $59 billion raised to date. Blackrock’s iShares Bitcoin Trust has seen net flows exceeding $15 billion in just three months.
Harvest was expected to receive approval to launch a spot Bitcoin ETF in Hong Kong, alongside China Asset Management, who were given approval by the SFC to provide virtual asset fund management services on April 9. Julia Leung, deputy chief executive director of intermediaries for the SFC, stated that the regulator is actively working to set up a regime to approve ETFs that provide investor guarantees for mainstream virtual assets. Despite challenges like the JPEX fraud case, Hong Kong continues to show ambitions to support crypto entrepreneurs and restore its reputation as a global business center.
The approval of Bitcoin and Ether ETFs in Hong Kong is seen as a significant development for the cryptocurrency industry in the region. Regulators are working to allow investors to buy spot ETFs, with the SFC collaborating with Hong Kong Exchanges & Clearing Ltd to finalize the approval process. With strong inflows into Bitcoin ETFs since the year began, the total assets under management for the 11 ETFs are projected to reach $73 billion by mid-April. Blackrock’s iShares Bitcoin Trust has seen net flows exceeding $15 billion in just three months.
The collaboration between Harvest Fund Management, Bosera Asset Management, and HashKey Capital in receiving approval for spot Bitcoin and Ether ETF applications in Hong Kong marks a significant step for the cryptocurrency industry in the region. The approval process is expected to be finalized by the end of April, with the initial approvals potentially happening as soon as Monday. Despite challenges faced by Hong Kong’s crypto appeal, such as the JPEX fraud case, authorities continue to show support for crypto entrepreneurs and aim to restore the city’s reputation as a global business center.
