With the ongoing frenzy surrounding spot Bitcoin ETFs propelling BTC to highs beyond $70K, Hong Kong-based entities are preparing to enter the fray with their own offerings. While the demand for ETFs offering exposure to Bitcoin for the retail crowd is soaring, a similar vehicle for Ethereum has also gained significant traction.
Recent reports indicate that ten financial institutions are in the process of applying for regulatory approval to launch spot Bitcoin ETFs in Hong Kong. Interestingly, discussions regarding spot Ethereum ETFs are also underway.
The latest development comes amidst reports of waning interest in a spot Ethereum ETF as the SEC continued to delay proposals by several asset managers. Meanwhile, the move reflected Hong Kong’s softening stance on the digital asset industry as it aims to establish itself as the world’s Web3 hub while also simultaneously trying to monitor the industry.
Kelvin Wong, CEO of HashKey Exchange and COO of HashKey Group, one of the licensed platforms in Hong Kong, stated that one reason for the rapid rise in the current virtual asset trading market is the recently introduced spot Bitcoin ETFs in the United States.
However, these products are currently mainly led by European and American institutions, with a lack of related spot ETF products in Asia, which may expose local investors to the risk of lifting US assets. He revealed that considering this situation, HashKey is working with partners to promote the listing of Hong Kong spot ETFs and derivative trading products as soon as possible.
The exec believes once spot Bitcoin ETF trading opens in Hong Kong, it will attract a large amount of funds and become the preferred entry point for capital deployment in the Asian virtual asset market.
He also emphasized that spot Ethereum ETFs are currently the most anticipated product by global cryptocurrency investors, and discussions on the preparation of a Hong Kong spot Ethereum ETF are underway. If related products can be launched earlier than in the US, Hong Kong has the opportunity to transform from a follower to a leader in the global cryptocurrency market.
Harvest Fund Management, a prominent asset management firm based in China, submitted the initial application for a spot Bitcoin ETF with Hong Kong’s Securities and Futures Commission in January this year. The SFC had indicated its readiness to receive applications for spot cryptocurrency ETFs, marking a change in the region’s stance towards Bitcoin regulation and investment.
As reported earlier, the ETF’s potential listing on the Hong Kong Stock Exchange may occur within a short span of a few months, as the regulator intends to accelerate the approval procedure.
The post Discussions for Spot Ethereum ETFs in Hong Kong Underway Amidst Bitcoin Frenzy appeared first on CryptoPotato.
Recent reports indicate that ten financial institutions are in the process of applying for regulatory approval to launch spot Bitcoin ETFs in Hong Kong. Interestingly, discussions regarding spot Ethereum ETFs are also underway.
Hong Kong Gears Up for Spot Ethereum ETF
The latest development comes amidst reports of waning interest in a spot Ethereum ETF as the SEC continued to delay proposals by several asset managers. Meanwhile, the move reflected Hong Kong’s softening stance on the digital asset industry as it aims to establish itself as the world’s Web3 hub while also simultaneously trying to monitor the industry.
Kelvin Wong, CEO of HashKey Exchange and COO of HashKey Group, one of the licensed platforms in Hong Kong, stated that one reason for the rapid rise in the current virtual asset trading market is the recently introduced spot Bitcoin ETFs in the United States.
However, these products are currently mainly led by European and American institutions, with a lack of related spot ETF products in Asia, which may expose local investors to the risk of lifting US assets. He revealed that considering this situation, HashKey is working with partners to promote the listing of Hong Kong spot ETFs and derivative trading products as soon as possible.
The exec believes once spot Bitcoin ETF trading opens in Hong Kong, it will attract a large amount of funds and become the preferred entry point for capital deployment in the Asian virtual asset market.
He also emphasized that spot Ethereum ETFs are currently the most anticipated product by global cryptocurrency investors, and discussions on the preparation of a Hong Kong spot Ethereum ETF are underway. If related products can be launched earlier than in the US, Hong Kong has the opportunity to transform from a follower to a leader in the global cryptocurrency market.
Harvest In Line For Spot Bitcoin ETF
Harvest Fund Management, a prominent asset management firm based in China, submitted the initial application for a spot Bitcoin ETF with Hong Kong’s Securities and Futures Commission in January this year. The SFC had indicated its readiness to receive applications for spot cryptocurrency ETFs, marking a change in the region’s stance towards Bitcoin regulation and investment.
As reported earlier, the ETF’s potential listing on the Hong Kong Stock Exchange may occur within a short span of a few months, as the regulator intends to accelerate the approval procedure.
The post Discussions for Spot Ethereum ETFs in Hong Kong Underway Amidst Bitcoin Frenzy appeared first on CryptoPotato.
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