HashKey and Bosera International have received conditional approval from Hong Kong regulators for two spot cryptocurrency ETFs, marking a significant moment for Asian investors.
HashKey Capital and Bosera International have received conditional approval from Hong Kong’s Securities and Futures Commission (SFC) to offer spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the region. HashKey said in an April 15 blog announcement that the ETF “bridges the gap for traditional institutions to invest in virtual assets,” and that the move would “significantly expand” mainstream and retail investors’ exposure to cryptocurrencies. He added that it would be so.
“We are truly grateful to Hong Kong regulators for their foresight and positive approach. “The virtual asset management industry has the potential for tremendous change, and we are proud to be an early participant in this innovative industry.”
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HashKey also expects the approval to boost the development of the cryptocurrency market in Hong Kong and Asia as it is expected to “attract more global funds and strengthen the fundamental vitality of the market.” However, no specific details regarding the ETF launch date have been disclosed.
As crypto.news previously reported, once the SFC approves the first spot Bitcoin ETF, the Hong Kong Stock Exchange will have about two weeks to prepare the product for listing and other matters.
The approval of Hong Kong’s spot Bitcoin ETF comes on the heels of similar action by the U.S. Securities and Exchange Commission (SEC), which approved the first spot Bitcoin ETF in the United States three months ago. Currently, the top 10 spot Bitcoin ETFs collectively manage over $55 billion, with the top three spot ETFs accounting for over 85% of total assets under management. Following this news, the value of Bitcoin (BTC) rose 1.6%, while Ethereum (ETH) surged more than 3%, according to CoinMarketCap.