A major advancement for the cryptocurrency market: Hong Kong might approve Bitcoin and Ethereum exchange-traded funds (ETFs) as soon as next week, according to Bloomberg’s latest report. This news has sparked enthusiasm among crypto enthusiasts, given the impressive performance of Spot Bitcoin ETFs in the US.
Furthermore, the update highlights Hong Kong’s determination to strengthen its status as a major player in the digital asset industry.
Hong Kong To Green-light Bitcoin & Ether ETF
A Bloomberg report indicates that Hong Kong could soon allow the launch of Exchange-Traded Funds (ETFs) investing directly in Bitcoin and Ethereum. If correct, Harvest Fund Management Co. and a Bosera Asset Management (International) Co.-HashKey Capital partnership are likely to be given approval for spot Bitcoin/Ethereum ETFs.
Significantly, the proposed Hong Kong ETFs are expected to debut by the end of this month, assuming approval from the Securities and Futures Commission (SFC) and completion of listing arrangements with the Hong Kong Exchanges & Clearing Limited.
Simultaneously, approval reports surfaced, following previous hints suggesting Harvest Fund Management Co.’s plans for a Spot Bitcoin ETF in Hong Kong were progressing. Yet, neither the Securities and Futures Commission (SFC) nor Harvest have made any formal statements regarding this matter.
Furthermore, it’s important to mention that the schedule for the approvals could still be altered at the last minute, as reported by sources with knowledge of the situation. Additionally, an earlier report from CoinGape indicated that Hong Kong had intended to introduce an Ethereum ETF prior to the U.S.
Potential Implications Of The Approval In Crypto Market
A potential approval of Bitcoin and Ethereum ETFs in Hong Kong soon could significantly impact the worldwide crypto market. For instance, the introduction of Spot Bitcoin ETFs in the United States earlier this year has already rejuvenated the market, resulting in around $59 billion in assets under management for these ETFs. In simpler terms, the approval of these ETFs in Hong Kong could lead to significant growth and investment opportunities in the crypto market.
Large investments from institutions have significantly contributed to Bitcoin’s price surge, reaching an all-time high of $73,700 in mid-March. Moreover, Hong Kong’s decision to support crypto Exchange Traded Funds (ETFs) signifies its determination to attract digital asset companies, making it a major contender alongside cities such as Singapore and Dubai.
Despite the encouraging development, the Bitcoin price remained nearly unchanged at $70,762.75 as I wrote this. The digital currency’s trading volume decreased by approximately 20.8% over the previous 24 hours to reach $29.64 billion.
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2024-04-12 14:49