OSL, a digital asset platform based in Hong Kong, has been selected to serve as both the trading venue and sub-custodian for two newly approved Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). In simpler terms, OSL will facilitate the buying and selling of these ETFs while securely holding their underlying digital assets.
On April 15, it became public knowledge that OSL Digital Securities, a subsidiary of the OSL Group, was chosen as a collaborator for China Asset Management (ChinaAMC) and Harvest Fund Management. The investment products of these two asset managers have received provisional approval from Hong Kong’s regulatory body.
Based on the announcement, the new platform will utilize OSL’s framework to provide a secure trading experience for the ETFs (Exchange Traded Funds). Simultaneously, OSL has complied with regulatory requirements to offer and manage these services. This collaboration is significant because Hong Kong becomes one of the select markets endorsing spot crypto ETFs.
In the global market, there are only a few places that allow the trading of Spot BTC/ETH Exchange Traded Funds (ETFs). Hong Kong’s move to introduce such funds positions it among the leaders in this field, including Canada, Germany, and Switzerland. Looking back at the US experience, where over $12.53 billion was invested in Spot Bitcoin ETFs alone.
OSL Looks At Prospects
In reference to the partnership, all involved parties are optimistic about future advancements, which represent an important achievement in the realm of cryptocurrency ETFs. According to Patrick Pan, CEO of OSL, Hong Kong and the digital asset sector hold great potential for investment.
“Being selected as the first virtual asset exchange and sub-custodian partner is a testament to OSL’s esteemed reputation, and it underscores our dedication to fostering digital asset investments in Hong Kong. This alignment with reputable partnerships in the U.S. market reflects a growing trend.”
Hong Kong’s Spot ETF Ignites Sentiment
Today, the Hong Kong Securities and Futures Commission (SFC) granted conditional approval for bitcoin and ethereum spot Exchange-Traded Funds (ETFs). This decision has invigorated the market, as it follows inflows from the US approval of similar products in January.
Institutional investors now have an additional avenue to boost their involvement in the cryptocurrency market through the introduction of crypto Exchange-Traded Funds (ETFs). Today, crypto asset prices have surged following a series of significant sell-offs.
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2024-04-15 18:11