Hong Kong is expected to approve Bitcoin and Ether ETFs as early as Monday, according to two sources familiar with the matter, marking a big step for the cryptocurrency industry in the region.
Harvest Fund Management, along with Bosera Asset Management and HashKey Capital, is anticipated to receive approval for its spot Bitcoin and Ether ETF applications.
By the end of April, the ETFs are expected to receive the green light from the Securities and Future Commissions (SFC). Additionally, the SFC is reportedly collaborating with Hong Kong Exchanges & Clearing Ltd to finalize the approval process.
While the exact timeline is unknown, sources suggest that the initial approvals, which may include Hong Kong Bitcoin ETFs, could occur as soon as Monday.
Why Hong Kong’s potential approval of spot Bitcoin ETF is the most significant development in the market right now
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China is grappling with a severe economic crisis, characterized by a soaring debt-to-GDP ratio which reached a record 288% in 2023, and a… pic.twitter.com/VrPDNovLyy
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Regulators based in the cities have already approved the launch of crypto-based ETFs. CSOP Ether Futures, Samsung Bitcoin Futures, and CSOP Bitcoin Futures collectively hold an estimated value of $170 million.
Bitcoin ETFs Show Strong Inflows Since Launch
Since the year began, Bitcoin ETFs have contributed to a resurgence in the cryptocurrency markets.
By mid-April, the total assets under management for the 11 ETFs are projected to reach a record $73 billion, with $59 billion raised to date. The net flows into Blackrock’s iSharesBitcoin Trust have exceeded $15 billion in just three months.
From the beginning of this week, Harvest was expected to get approval to launch a spot Bitcoin ETF in the city. Both Harvest and China Asset Management were given approval by the SFC to supply virtual asset fund management services on April 9.
Regulators Working to Allow Investors to Buy Spot ETFs
Julia Leung, deputy chief executive director of intermediaries for the SFC, stated the regulator was “actively seeking to set up a regime to approve ETFs that provide investor guarails for airstream virtual assets”.
Hong Kong’s crypto appeal had encountered a problem in the form of JPEX, an unlicensed crypto exchange responsible for an alleged $1.6 million in fraud. However, authorities still continue to show ambitions to support crypto entrepreneurs in hopes of restoring the city’s reputationas a global business center.
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