The Hong Kong Securities and Futures Commission (SFC) has officially approved several spot bitcoin and ethereum exchange-traded funds (ETFs), a decision that marks a significant development in the region’s growing crypto market. These approvals have been given to leading asset managers China Asset Management, Bocera Capital and Hashke Capital Limited, along with in-principle approval for Harvest Global Investments.
Hong Kong’s SFC approves Bitcoin and ETH ETF
China Asset Management’s Hong Kong unit, according to their details Press release, has received SFC approval to launch spot Bitcoin and Ethereum ETFs. The venture is part of a collaboration between OSL Digital Securities Limited and BOCI International, which aims to provide retail asset management services with live cryptocurrency subscriptions.
Similarly, Bocera Asset Management and Hashke Capital have announced that they have received conditional approval from the SFC for their own spot crypto ETFs. The products, called Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF, will allow investors to directly use Bitcoin and Ethereum to subscribe for ETF shares, according to their press release.
Harvest Global Investments is also in the news with the SFC’s in-principle approval for two major digital asset spot ETFs. According to their press release, CEO and CIO of Harvest Global Investments Mr. Tongli Han remarked, “This in-principle approval of Harvest Global Investments’ products in two major digital asset spot ETFs only underscores Hong Kong’s competitive edge in digital. The property space, but also demonstrates our relentless drive to drive innovation in the industry and meet the needs of diverse investors.”
These ETFs are set to be launched in partnership with OSL Digital Securities, the first digital asset platform licensed and insured by the SFC, which has shown significant progress in addressing common market challenges such as excessive margin requirements and price premiums.
Bosera and HashKey’s press release highlights that the introduction of these virtual asset spot ETFs will not only open up new asset allocation opportunities, but will also strengthen Hong Kong’s position as an international financial center and hub for virtual assets. The move is aligned with the city’s strategic push to establish itself as a regional leader in financial innovation, particularly in the digital asset sector.
The approvals are indicative of Hong Kong’s progressive regulatory framework that aims to integrate digital assets safely and securely into its financial ecosystem. The establishment of this ETF is expected to provide a regulated, innovative investment avenue for retail and institutional investors in the sector. While there hasn’t been as much hype surrounding US ETFs, some analysts believe the impact could be similar.
Rumors were rife last Friday about the possible approval of these ETFs. Speculation had fueled the market and today’s confirmation has given Bitcoin and ETH prices a much-needed boost. BTC is up 2.2% since the announcement, crossing the $66,000 mark. The approved ETF is said to be launched by the end of April.
At press time, BTC traded at $66,535.