🚀💰Hong Kong has approved spot Bitcoin and ETFs, with the first batch of approved ETFs scheduled to launch on April 30, 2024 . 🚀💰

Here are some key points about the approval:

- *First in Asia*: 🔜🌎

Hong Kong is the first jurisdiction in Asia to approve spot Bitcoin and ETFs.

- *In-kind creation*: 💰

Hong Kong allows in-kind creation models, enabling direct exchange of cryptocurrencies for ETF shares.

- *No tax*: 💵Hong Kong's spot crypto ETFs have no tax.

- *Growing demand*:

There is expected to be robust demand for these offerings, given the growing adoption of ETFs in institutional asset allocation and retail trading in Hong Kong.

- *Contrast with mainland China*:

Hong Kong's approval of spot Bitcoin and ETFs contrasts with mainland China's crackdown on cryptocurrencies.

- *Multiple issuers*:

Multiple issuers, including China Asset Management, Bosera Capital, and others, have received approval to list spot Bitcoin and ETFs.

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