In a significant development for the cryptocurrency world, Hong Kong is poised to potentially green-light exchange-traded funds (ETFs) for Bitcoin and Ethereum as early as the coming Monday. This revelation, reported by Bloomberg, has set off a wave of optimism within the crypto community, especially following the remarkable success of Spot Bitcoin ETFs in the United States.

In addition, the update underscores Hong Kong’s ambition to solidify its position as a leading hub for digital assets.

Hong Kong To Green-light Bitcoin & Ether ETF

A recent report from Bloomberg suggests that Hong Kong may soon approve Spot ETFs directly investing in Bitcoin and Ethereum, two of the most prominent cryptocurrencies. If the speculation holds true, international entities like Harvest Fund Management Co. and a collaboration between Bosera Asset Management (International) Co. and HashKey Capital are expected to receive the green light to launch spot-crypto ETFs.

Notably, these ETFs in Hong Kong are planned to be launched by the end of the month pending regulatory clearance from the Securities and Futures Commission (SFC) and finalization of listing details with the Hong Kong Exchanges & Clearing Ltd.

Meanwhile, the reported approval comes on the heels of earlier indications that Harvest Fund Management Co. was on track to secure permission to introduce a Spot Bitcoin ETF in Hong Kong. However, neither the SFC nor Harvest has offered any official comments on the matter.

In addition, despite the anticipation surrounding the approvals, it’s worth noting that the timeline remains subject to potential last-minute changes, according to sources familiar with the matter. Besides, a previous report from CoinGape showed that Hong Kong previously planned to launch the Ethereum ETF before the U.S.

Also Read: XRP & BTC Could Bounce After Bitcoin Halving

Potential Implications Of The Approval In Crypto Market

The imminent approval of Bitcoin and Ethereum ETFs in Hong Kong could have far-reaching implications for the global crypto market. Notably, the advent of Spot Bitcoin ETFs in the United States earlier this year has already been instrumental in revitalizing the market, with assets under management for such ETFs reaching approximately $59 billion.

This influx of institutional investment has played a pivotal role in driving the price of Bitcoin to new highs, recently hitting over $73,700 mark in mid-March. Considering that Hong Kong’s move to embrace crypto ETFs also underscores its ongoing competition with cities like Singapore and Dubai to establish itself as a premier destination for digital asset firms.

However, despite the positive update, the Bitcoin price traded near the flatline at $70,762.75 during writing. Its trading volume over the last 24 hours dropped by 20.76% to $29.64 billion at the same time.

Also Read: Messari CEO Eager To Join SEC Investor Advisor Committee, A Pro-Crypto Move?

The post Breaking: Hong Kong To Approve Spot Bitcoin, Ethereum ETF On Monday – Bloomberg appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am