Patrick Pan, chairman and CEO of OSL, emphasized in a statement that the approval of Hong Kong’s crypto ETF has played a significant role in promoting the development of the region’s financial economy.
In preparation for the upcoming launch of a cryptocurrency ETF in Hong Kong, OSL Digital Securities (OSL), one of the industry’s leading virtual asset service providers, has strengthened its partnership with securities brokerage firm Solomon JFZ.
The two firms have enhanced their collaboration, initially based on a comprehensive brokerage agreement, to a more comprehensive arrangement, including consulting and operational support, according to a Friday announcement.
Solomon JFZ to Serve as ETF Participating Dealer
The expanded partnership aims to facilitate the physical subscription and redemption process, which is critical to the successful launch and management of Hong Kong’s first spot Bitcoin and Ethereum ETFs.
Earlier this week, Coinspeaker reported that the ETF will begin trading on April 30, 2024.
As one of the participating dealers approved by the Hong Kong Securities and Futures Commission (SFC) to support physical subscription and redemption of spot crypto ETFs, Solomon JFZ will serve as OSL’s participating dealer to facilitate physical trading of the upcoming cryptocurrency ETF.
These transactions will enable investors to subscribe for or redeem ETF shares directly using the underlying digital assets, rather than using traditional fiat currencies such as the Hong Kong dollar (HKD).
In a statement, Solomon JFZ CEO Thomas Tam expressed their excitement about the launch of the first spot Bitcoin and Ethereum ETF in Hong Kong, and emphasized the key role Solomon JFZ played in it. His words reflect the company’s pride in participating in the launch of this innovative financial product and its satisfaction in being able to contribute to this emerging market.
Thomas Tam, CEO of Solomon JFZ, further stated that the introduction of the physical subscription mechanism will have a profound impact on the country's digital asset industry, heralding a major change. He firmly believes that this mechanism will not only optimize the way investors participate, but will also promote more investors' interest in the Hong Kong market, thereby attracting them to enter and participate in this market. Through the physical subscription mechanism, investors can directly use digital assets to subscribe or redeem ETF shares. This innovative trading method may increase market liquidity and bring more vitality and opportunities to Hong Kong's financial market.
Promoting financial development opportunities
Patrick Pan, Chairman and CEO of OSL, expressed his support for the launch of crypto ETFs in Hong Kong in a statement, believing that this action will significantly promote the development of the region’s financial economy.
Patrick Pan, Chairman and CEO of OSL, pointed out in a statement that the launch of crypto ETFs will help expand investment opportunities while increasing market liquidity, which is critical to maintaining economic vitality and momentum. He further revealed that OSL is ready to welcome the launch of these emerging investment products in Hong Kong and promised that OSL will support the operation of these new funds.
OSL’s Chairman and CEO Patrick Pan highlighted the company’s commitment to complying with Hong Kong’s strict regulatory standards while also continuously offering new products to its clients. He mentioned that as the only listed digital asset company in Hong Kong, OSL relies on its strict regulatory compliance and excellent track record to maintain its leading position in the industry. Pan also mentioned the company’s success in passing the SOC 2 Type 2 audit, which is a strong testament to its compliance and operational quality. He expressed the company’s pride in being able to support this critical financial innovation. #OSL #香港ETF