Hong Kong is preparing to roll out spot crypto ETFs by the end of April, following the trend in the U.S., to enhance its presence in the market.
Spot Bitcoin and Ethereum exchange-traded funds (ETFs) are on the horizon in Hong Kong, scheduled to launch by the end of April, as the city sharpens its focus on cryptocurrencies.
In a conversation with Bloomberg, a representative from HashKey, an Asian crypto group, revealed that the firm’s Bosera-HashKey Capital spot products will commence trading on Apr. 30. This move comes after a year of concentrated efforts by Hong Kong to establish itself as a well-regulated hub for the virtual asset industry, aiming to reaffirm its status as a contemporary financial center.
Aside from spot crypto ETFs, the city already allows futures crypto ETFs: CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures. However, these three have only accumulated a modest total of about $175 million in assets under management thus far. According to Bloomberg Intelligence ETF Analyst Rebecca Sin, Hong Kong’s spot crypto ETFs could manage approximately $1 billion in assets by 2026.
As reported by crypto.news last week, Hong Kong’s Securities and Futures Commission (SFC) has given the green light to Boshi International, HashKey Capital, China Asset Management, and Harvest Investment to launch spot Bitcoin and Ethereum ETFs.
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