🚀🚀Hong Kong approves first Bitcoin and Ether ETFs 💥💥

Hong Kong is inching closer to introducing spot exchange-traded funds (ETF) for Bitcoin (BTC) and Ether (ETH), with local regulators issuing approvals to at least three local issuers.

The Hong Kong Securities and Futures Commission (SFC) conditionally approved its first spot BTC and ETH ETFs on April 15, Reuters reported.

At least three offshore Chinese asset managers, including Hong Kong units of Harvest Fund Management, Bosera Asset Management and China Asset Management, will launch their spot Bitcoin and Ether ETFs soon.

According to the report, Hong Kong’s Harvest and Bosera received conditional approvals from the SFC, allowing them to launch the ETFs.

On the other hand, the Hong Kong unit of China Asset Management, or ChinaAMC, said it received regulatory approval to provide virtual asset management services and was developing spot ETFs of BTC and ETH.

Hong Kong’s securities regulator issues a conditional authorization letter to an ETF application if it generally satisfies its requirements, subject to various conditions, including fee payments, filing of documents and the Hong Kong Stock Exchange’s (HKEX) listing approval.

Issued in partnership with Hong Kong-based HashKey Capital, Bosera’s Bitcoin and Ether ETFs will be launched as in-kind ETFs, meaning that new ETF shares can be issued using BTC and ETH.

#etf

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