"One day in the cryptocurrency world is like one year in the real world", the first batch of virtual currency spot ETFs were listed in Hong Kong, and one "small goal" was achieved throughout the day (from CoinsRadar.net):

On April 30, the first batch of Bitcoin and Ethereum spot ETFs in Hong Kong were officially listed on the Hong Kong Stock Exchange. The Securities and Futures Commission did not forget to warn that "one day in the cryptocurrency world is like one year in the real world", and that one must fully understand the risks before considering investment.

The six digital currency spot ETFs come from three institutions: Bosera International, China Asset Management (Hong Kong), and Harvest Asset Management.

It is worth noting that these ETF products do not support investors from mainland China, but mainlanders holding Hong Kong identity cards, regardless of whether they are permanent residents of Hong Kong, can invest in these ETFs as long as they meet the compliance requirements.

In addition to the Hong Kong dollar counter and the US dollar counter, China Asset Management (Hong Kong)'s ETFs also set up RMB trading counters. The Hong Kong dollar counter codes of these six Bitcoin and Ethereum spot ETFs are:

Huaxia Bitcoin (03042)

Huaxia Ethereum (03046)

Boshi Bitcoin (03008)

Boshi Ethereum (03009)

Harvest Bitcoin (03439)

Harvest Ethereum (03179)

On the first day of listing, the cumulative trading volume of the six virtual currency spot ETFs was close to a "small goal". Among them:

The cumulative trading volume of the Hong Kong dollar counter was 87.61 million Hong Kong dollars;

The cumulative trading volume of the US dollar counter was 1.41 million US dollars;

The cumulative trading volume of the RMB counter was 870,000 RMB;

The chief analyst of ETF Asia Pacific at Bloomberg Industry Research previously stated that the asset management scale of Hong Kong spot Bitcoin and Ethereum ETFs is expected to reach 1 billion US dollars.

At the listing ceremony of the first batch of Bitcoin and Ethereum spot ETFs in Hong Kong, in addition to representatives from the three issuers, China Asset Management Hong Kong, Bosera and Harvest Global, the CEO of the Hong Kong Stock Exchange (00388), Chen Yiting, the executive director of the Investment Products Department of the Securities and Futures Commission, Cai Fengyi, as well as the Deputy Secretary for Financial Services and the Treasury of the Hong Kong Government, Chen Haolian, and representatives of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region also participated.

Hong Kong Stock Exchange: Enhance the competitiveness of the international asset management center, the average daily trading volume of futures ETFs has increased by more than 4 times compared with last year

Chen Yiting said at the listing ceremony that the birth of the first batch of virtual asset spot ETFs in Asia has become an important milestone in the development of the Hong Kong ETF market. ETF products are an important tool for investors to diversify their investments at low cost, and are also an indispensable part of the diversified product system of the Hong Kong Stock Exchange. After more than 20 years of rapid development, Hong Kong's ETF market has covered different currencies, regions and asset classes, providing investors with rich investments. The virtual asset spot ETF listed today will further enrich Hong Kong's ETF product line, attract more investors to participate in the Hong Kong market, and enhance Hong Kong's competitiveness as an international asset management center.

Rob Bo-yan, head of securities product development at the Exchange, added that before the first batch of spot ETFs were listed today, Hong Kong's first batch of virtual asset futures ETFs were also favored by investors after they were listed in 2022. The average daily trading volume of the three virtual asset futures ETFs increased from 8.9 million yuan in 2023 to 51.3 million yuan in the first quarter of 2024, and also attracted 529 million yuan of capital inflows.

Treasury Bureau: The consultation on over-the-counter trading platforms has ended and received about 70 responses

Chen Haolian said that the government will continue to work hard to build a stable and vibrant virtual asset ecosystem through various measures. Today is the first time that a virtual asset spot ETF product has been listed in the Asian market, which also proves that Hong Kong is leading Asia in the development of virtual assets. Chen Haolian mentioned that the government is actively studying appropriate regulatory measures for related businesses other than virtual asset trading platforms, including over-the-counter trading platforms. The relevant public consultation period has ended and received about 70 responses. A draft will be submitted to the Legislative Council as soon as possible.

Hong Kong Securities and Futures Commission: One day in the cryptocurrency world is like one year in the real world

Although it is willing to recognize virtual asset spot ETFs, Cai Fengyi said, "One day in the cryptocurrency world is like one year in the real world." Bitcoin and Ethereum once plummeted in one day, reminding investors to understand virtual assets and consider their own risk tolerance.

She pointed out that since the Hong Kong public was allowed to buy and sell Bitcoin and Ethereum on regulated platforms, many investors hope to invest in spot virtual assets through traditional brokerages and exchange investment products (such as ETFs). Therefore, considering the needs of investors, it is believed that providing regulated virtual asset spot ETF products is in the public interest. While the relevant products are conducive to the long-term development of the market, they have sufficient comprehensive and effective regulatory work results in terms of investor protection and other supervision.

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