Hong Kong’s Securities and Futures Commission (SFC) has granted approval to several spot Bitcoin and Ethereum exchange-traded funds (ETFs), marking a significant advancement in the region’s crypto market. The approved ETFs will be managed by leading asset managers including China Asset Management, Bosera Capital, and HashKey Capital Limited, with an in-principle approval for Harvest Global Investments.
China Asset Management’s Hong Kong branch has received SFC approval to introduce spot Bitcoin and Ethereum ETFs in partnership with OSL Digital Securities Limited and BOCI International. This collaboration aims to offer retail asset management services with direct cryptocurrency subscriptions.
Similarly, Bosera Asset Management and HashKey Capital have been conditionally approved by the SFC for their respective spot crypto ETFs. Named the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, these products allow investors to use Bitcoin and Ethereum directly to subscribe for ETF shares.
Harvest Global Investments has also been given an in-principle nod for two major digital asset spot ETFs. Their CEO and CIO, Mr. Tongli Han, expressed that the approval demonstrates Hong Kong’s competitive edge in the digital asset sector and the company’s commitment to innovation and meeting diverse investor needs.
The ETFs will be launched in collaboration with OSL Digital Securities, the first digital asset platform licensed and insured by the SFC. This partnership highlights efforts to address market challenges such as high margin requirements and price premiums.
Bosera and HashKey’s press release emphasises that these virtual asset spot ETFs offer new asset allocation opportunities and bolster Hong Kong’s position as a global financial centre and hub for virtual assets. The move aligns with the city’s strategic objective to become a regional leader in financial innovation, particularly in the digital asset sector.
The approvals reflect Hong Kong’s forward-thinking regulatory framework, aiming to safely and securely integrate digital assets into its financial ecosystem. These ETFs are anticipated to provide a regulated, innovative investment option for both retail and institutional investors.
These developments followed last week’s rumours about potential ETF approvals, and today’s confirmation has boosted Bitcoin and Ethereum prices. Bitcoin has risen 2.2% since the announcement, exceeding the $66,000 mark. The approved ETFs are expected to launch by the end of April.
As of writing, Bitcoin was trading at $66,535.
