Sokipiriye Dokubo
Reports from Bloomberg suggest that Hong Kong is poised to greenlight Bitcoin and Ethereum exchange-traded funds (ETFs) as early as Monday.
Sources familiar with the matter reveal that the anticipated recipients of approval for spot-crypto ETFs are an international arm of Chinese asset manager Harvest Fund Management Co. and a collaboration between Bosera Asset Management (International) Co. and HashKey Capital.
These entities aim to roll out their respective ETFs by month-end, pending final clearance from the Securities and Futures Commission (SFC) and completion of listing formalities with Hong Kong Exchanges & Clearing Ltd. (HKEX).
The imminent approvals follow recent indications that Harvest was nearing permission to debut a spot-Bitcoin ETF in Hong Kong. Notably, the SFC had previously authorized Harvest and China Asset Management to offer virtual-asset related fund management services on April 9.
The unveiling of spot Bitcoin ETFs in the United States on January 11 has spurred renewed activity in cryptocurrency markets this year.
Hong Kong has actively positioned itself as a digital asset hub, implementing regulatory frameworks for virtual asset service providers since June 2023.
Before the anticipated nod for spot-crypto ETFs, Hong Kong had already sanctioned the launch of futures-based crypto ETFs. These include CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures, collectively managing assets of around $170 million.
The timing of this report coincides with the broader industry anticipation of Bitcoin Halving, bringing a positive outlook for Bitcoin enthusiasts with just seven days to go until the event.