Hong Kong has apparently approved its first exchange-traded bitcoin funds. Multiple issuers announced they had received approval to launch Bitcoin Exchange Traded Funds.
China Asset Management and Bosera Capital, among others, announced on their social media accounts that they had been cleared to list. spot Bitcoin ETFs Hong Kong. The Securities and Futures Commission has not yet released an official list.
According to posts on the SFC website, China Asset Management has been given the green light to offer Bitcoin and Ether spot ETFs as a partnership between OSL and BOCI. Harvest Global Investments HashKey Capital and Bosera Asset Management are other approved issuers.
News of this kind mirrors that of U.S.-based spot Bitcoin exchange traded funds, which were launched in early January. The volume in trades quickly surpassed $200 billion. Hong Kong is Asia’s only jurisdiction that has approved spot Bitcoin ETFs.
ETFs offer direct exposure to Bitcoin, rather than a derivative. This allows investors to directly access the asset. The ETFs are also a way to invest in Bitcoin that is regulated and mitigates its risks.
Hong Kong’s approval of the ETFs cements Hong Kong’s Bitcoin-friendly position, as part of its ongoing effort to become a financial hub. These funds are expected to stimulate a significant amount of retail and institutional interest.
An official announcement by the SFC has not yet been made. A number of social media posts claiming approval for the product have been removed. Permissions are not always transparent, which could lead to market insecurity.
Hong Kong’s regulators are willing to respond to the increased interest in Bitcoin. The launch of the ETFs marks a milestone for Bitcoin’s adoption and maturation in Asia.
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Source: bitcoinmagazine.com