This Monday, Hong Kong’s Securities and Futures Commission gave the green light for the listing of several spot ETFs based on Bitcoin (BTC) and Ethereum (ETH). Let’s take stock of this significant development.

Hong Kong Approves First Bitcoin and Ethereum ETFs

While expected today, spot ETFs for Bitcoin (BTC) and Ethereum (ETH) have officially been adopted in Hong Kong. Indeed, the Securities and Futures Commission (SFC) approved a series of applications, as suggested over the weekend.

For instance, this was the case with China Asset Management:

China Asset Management has received approval from the Hong Kong Securities and Futures Commission to provide virtual asset management services to investors. It now plans to issue ETF products for investment in spot Bitcoin and spot Ether.

 

On its part, Harvest Global Investments, which had joined the movement last January, also saw its 2 applications accepted. According to remarks reported by our colleagues at The Block, Bosera Asset Management as well as HashKey Capital also obtained conditional approval, without the terms of it being specified.

Unlike the United States, regulators in the Chinese Special Administrative Region have thus chosen to approve ETFs for the two main cryptocurrencies simultaneously, rather than just for Bitcoin.

While US spot Bitcoin ETFs have broken all records at the beginning of this year, we will soon be able to assess the interest in Hong Kong ETFs.

As for BTC and ETH, their prices respectively recorded a 2.7% and 5.1% increase over the past 24 hours at the time of writing, reaching $66,500 and $3,250.

Source : The Block