A established financial company in Hong Kong, named Victory Securities, has recently released a comprehensive explanation of the fees associated with its new Hong Kong Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs). This announcement follows the green light from the Hong Kong Securities and Futures Commission (SFC) for the trading of these cryptocurrency ETFs.
Fee Details and Subscription Information
A new charging structure for Ethereum and Bitcoin transactions through Victory Securities’ ETF has been announced. In the primary market, investors will be charged a fee between 0.5% and 1%, with a minimum charge set at $850. Additionally, a cash redemption fee applies in the primary market, amounting to 0.1%-0.15% of the transaction value, and featuring a fixed minimum fee of $500.
Inside Scoop: Victory Securities made public their Bitcoin Ethereum spot ETF subscription manual, revealing their fee structures to prospective clients in Hong Kong. Local securities companies are now marketing these products.
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— Wu Blockchain (@WuBlockchain) April 20, 2024
The fee for each phone or email trade made through our commission is set at 0.215%. A minimum charge of $8 applies per trade. On the other hand, online transactions will be subject to a lower commission rate of 0.15% per transaction, with a minimum fee of $4. This straightforward fee structure aims to provide investors with clear and open information about all investing costs associated with our ETF.
Increased Accessibility and Institutional Adoption
A significant advancement: Victory Securities’ decision to embrace cryptocurrencies marks a major milestone in the integration of digital currencies into the conventional financial sector in Hong Kong.
By establishing a controlled and organized investment fund specifically for Bitcoin and Ethereum, the company is extending investment opportunities in these digital currencies to both domestic and foreign investors. Consequently, this action might lead to an increase in institutional backing and broader market acceptance of cryptocurrencies.
Background on Hong Kong’s Cryptocurrency ETFs
Previously announced, the Hong Kong Securities and Futures Commission has granted approval for Bitcoin and Ethereum spot exchange-traded funds (ETFs). This marks the first instance of a spot Ethereum ETF being offered in any jurisdiction. Consequently, numerous prominent financial institutions have received the go-ahead, reflecting a growing acceptance and admiration for cryptocurrency investments within Hong Kong’s financial marketplace.
In simpler terms, some major financial institutions received permission to offer cryptocurrency products, showing that the market is gaining more acceptance and recognition in the financial sector of the region.
Investors can now easily access Bitcoin and Ethereum markets via these ETFs on regulated exchanges, offering a more secure investment avenue for cryptocurrencies. Although this news has generated excitement, it’s important to note that mainland Chinese investors are currently excluded due to regulations, with China’s cryptocurrency ban still in effect.
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2024-04-21 01:21