Recently, the Hong Kong Securities and Futures Commission (SFC) gave HashKey Capital and Bosera International preliminary approval to bring spot Bitcoin and Ethereum exchange-traded funds (ETFs) to the area. This is significant information for businesses in Asia.
Hong Kong’s Pivotal Moment for Crypto Market in Asia
In a blog post on April 15, HashKey wrote about the change. The bitcoin market in Hong Kong and Asia is about to take a significant turn. HashKey said these ETFs’ approval fills a very important space for standard businesses that want to invest funds into fake assets. The company also thought this change would make it easier for both professional and individual buyers to get their hands on cryptocurrencies.
We sincerely thank the Hong Kong regulators for their foresight and positive approach. The virtual asset management industry holds immense potential for transformation, and we are proud to be early participants in this innovative industry,”
stated HashKey Capital.
The approval is expected to make it easier for standard investors to get into crypto and help the market in Hong Kong and the surrounding areas grow and develop even more. HashKey was hopeful that the approval would bring in additional funds worldwide and strengthen the bitcoin market overall.
However, neither HashKey nor Bosera have given any exact information about when the ETFs will be available.
The SFC’s legal decision comes after the U.S. Securities and Exchange Commission’s (SEC) approval of the first batch of spot Bitcoin ETFs in the U.S. three months ago. Currently, the top 10 Bitcoin ETFs manage more than $55 billion. The top three manage more than 85% of all funds.
After the news came out, Bitcoin (BTC) and Ethereum (ETH) prices went up. According to CoinMarketCap, Bitcoin’s price went up 1.6%, and Ethereum’s price went up over 3%.
As the crypto market grows and gains governmental support, Hong Kong’s approval of spot Bitcoin and Ethereum ETFs is a big step forward. It gives investors new options and gives the digital asset class more legitimacy worldwide.
