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Hong Kong Signals Green to Bitcoin and Ether ETF Markets: A Bullish Sign

Hong Kong Signals Green to Bitcoin and Ether ETF Markets: A Bullish Sign

CoineditionCoinedition2024/04/15 13:01
By:Nynu V Jamal
  • Hong Kong’s SFC has approved Bitcoin and Ether ETF applications submitted by multiple firms.
  • China Asset Management, Bosera Capital, and HashKey Capital have received a green signal from the regulators.
  • Joseph Young acknowledges Hong Kong’s move as a game changer in the crypto market.

Hong Kong pursues its vision of establishing a full-fledged crypto hub despite China’s ban on crypto. In a recent development, Hong Kong’s Securities and Futures Commission (SFC) has approved several Bitcoin and Ethereum ETF applications.

Colin Wu, a Chinese crypto journalist on Wu Blockchain X’s page, shared insights on Hong Kong’s new initiative to expand exchange-traded funds. Major Chinese asset managers like China Asset Management, Bosera Capital, and HashKey Capital Limited have reportedly received approval from Hong Kong’s regulators to offer retail asset management services on ETFs.

Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7

— Wu Blockchain (@WuBlockchain) April 15, 2024

China Asset Management declared that the asset manager will issue Spot Bitcoin and Ether ETFs in collaboration with OSL and BOCI International. While Harvest Global Investment’s two spot crypto ETFs have been approved by the regulators, the platform plans to issue the ETFs in collaboration with OSL. The company believes that the move could significantly address issues of excessively high margin requirements

Joseph Young, a prominent voice in the crypto space, acknowledged Hong Kong’s entry into the ETF market as a game changer. He added, “HK etf approval means BTC and ETH are becoming mainstream assets that even your mother could buy from a bank.”

HK etf approval means btc and eth are becoming mainstream assets that even your mother could buy from a bank.

This is a game changer.

— Joseph Young (@iamjosephyoung) April 15, 2024

Meanwhile, Bosera Asset Management and HashKey Capital have decided to collaborate to launch a Spot Bitcoin ETF called the Bosera HashKey Bitcoin ETF and a Spot Ether ETF called the Bosera HashKey Ether ETF. Bosera commented that the Spot ETFs are destined to reinforce Hong Kong’s status as an “international financial center and a hub for virtual assets.”

Bitcoin and Ether are slowly recovering from their recent downfalls following Iran’s attack on Israel. While Bitcoin dipped to $62k and Ether plummeted to $3.1k, they have currently surged to $66,457 and $3,244, respectively. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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