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Home»ADOPTION NEWS»HashKey finalizes infrastructure for spot Bitcoin ETF amid expected approval.
ADOPTION NEWS

HashKey finalizes infrastructure for spot Bitcoin ETF amid expected approval.

By Crypto FlexsApril 13, 20243 Mins Read
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HashKey finalizes infrastructure for spot Bitcoin ETF amid expected approval.
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HashKey, a licensed cryptocurrency exchange in Hong Kong, has completed product features and related infrastructure services for a potential spot Bitcoin exchange-traded fund in Hong Kong, and the region could reportedly approve such an ETF as early as next week.

Livio Weng, CEO of HashKey Exchange, told The Block that the fund issuer, in collaboration with HashKey, has finalized the development of a spot Bitcoin ETF. HashKey is set to provide infrastructure support for the ETF and has entered the “integration and functional testing” phase.

“As a fund provider applying for ETFs in Hong Kong, HashKey provides basic infrastructure support covering trading, custody and SSA aspects,” said Weng. HashKey’s self-storage business has been operating steadily for over a year and its assets include: . Custody in excess of HK$2.2 billion ($280.7 million).

HashKey has not disclosed which asset managers it works with.

Hong Kong regulators may approve the first spot Bitcoin ETF as early as next week, Reuters reported, citing sources familiar with the matter. Regulators have accelerated the approval process, one of the sources said.

According to Reuters, at least four asset managers, including those in mainland China and Hong Kong, have applied to launch such ETFs.

In contrast to the widespread crackdown on cryptocurrency trading and mining in neighboring mainland China, Hong Kong rolled out a welcome mat for cryptocurrency companies last year. In June 2023, Hong Kong officially launched a cryptocurrency licensing regime for cryptocurrency trading platforms, allowing licensed exchanges to offer retail trading services. Hong Kong has licensed two platforms: HashKey and OSL.

A potential spot ether ETF?

Weng said that “we can expect the launch of a spot ether ETF” in the near future, especially if the on-chain staking issue can be resolved.

“This could attract more large institutional investors to choose these types of ‘yield holding assets’, which may be more attractive than spot Bitcoin ETFs,” Weng added.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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