Bloomberg again states that mainland Chinese citizens will not be able to purchase Bitcoin and Ethereum ETFs in Hong Kong. As a reminder, spot Bitcoin ETFs in Hong Kong will be listed on April 30th.

According to#Bloomberganalyst Jack Wang, the reason is that many years ago, mainland China banned cryptocurrency transactions. The story of spot Bitcoin and Ethereum ETFs is no exception. Wang cited a statement from China's State Council issued in September 2021, which stated that any financial institution is not permitted to establish accounts, transfer funds, or provide clearing for any cryptocurrency-related transactions.

“So even for a futures crypto ETF listed in Hong Kong (I actually tried to arrange a trade), brokers will simply refuse the trade,” Wang said.

The US ETF market has almost $9 trillion in assets. The entire Hong Kong ETF market is about $50 billion, which is significantly less. The Mainland China ETF is worth about $325 billion.

Wang also expressed confidence that the launch of#BTCand#ETHspot ETFs in Hong Kong will not have a positive impact on the regulatory environment in mainland China and will not open up the cryptocurrency market to Chinese investors.

However, Thomas Zhu, head of digital assets at Hong Kong-based China Asset Management (or China AMC), said in a comment to #Cointelegraph:

“...the right of mainland Chinese investors to purchase crypto ETFs in Hong Kong is subject to the adoption of upcoming regulatory changes...”

Earlier, Eric Balchunas, senior ETF analyst at #Bloomberg, said that Hong Kong's spot Bitcoin and Ethereum ETFs are not yet capable of matching the importance of American Bitcoin ETFs.

In short, until Chinese capital goes into spot crypto ETFs. But everything can change if there is a political decision by the PRC leadership.