Hassan Maishera
TL;DR
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Hong Kong regulator has approved several spot Bitcoin exchange-traded funds.
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The applications were filed by China Asset Management, Harvest Global, Bosera and HashKey.
Hong Kong Approves First Batch of Spot Bitcoin ETFs
Hong Kong has followed the United States in approving the first batch of spot Bitcoin exchange-traded funds (ETFs).
The Hong Kong Securities and Futures Commission approved the spot Bitcoin ETFs earlier today as the region continues its drive to become a regional crypto hub.
China Asset Management, a major Chinese asset manager, revealed earlier today that its Hong Kong unit has received approval in principle from the regulator. The approval allows it to offer retail asset management services related to spot crypto ETFs.
The asset manager intends to issue spot bitcoin and ether ETFs in collaboration with OSL and BOCI International. OSL will serve as the first virtual asset trading and sub-custodian partner of China Asset Management for the upcoming ETFs.
In addition to that, the regulator approved two spot crypto ETFs filed by Harvest Global Investments. Harvest Global Investments added that the two ETFs will be issued in collaboration with OSL. OSL added that,
"In this collaboration, OSL leverages its robust infrastructure to provide a secure trading environment essential for the ETF's operation, managing the underlying assets with precision and reliability."
The Hong Kong regulator also approved ETFs jointly filed by Bosera Asset Management, a Hong Kong unit of a major Chinese asset manager, and HashKey Capital.
Bosera added that,
"The introduction of the Virtual Asset Spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong's status as an international financial center and a hub for virtual assets.”
The approval comes as Bitcoin suffered major losses last week. BTC is down by more than 7% over the previous seven days and is currently trading above $66k per coin.
