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Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs as Market Rebounds

The Hong Kong Securities and Futures Commission (SFC) recently granted approval for the first exchange-traded funds (ETFs) based on spot Bitcoin and Ethereum.

Multiple official announcements have corroborated these approvals, including submissions from China Asset Management Co. (China AMC), Harvest Global Investments, and Bosera International and HashKey Capital.

First Bitcoin ETF Issuers in Hong Kong

According to a post by China AMC’s Hong Kong subsidiary, the SFC has granted the firm authorization to offer digital asset management services to investors. China AMC intends to introduce ETF products linked to spot Bitcoin (BTC) and Ethereum (ETH).

China AMC Hong Kong will collaborate with OSL Digital Securities, a digital asset platform, and Bank of China International-Prudential Trustee Limited (BOCI-Prudential Trustee Limited), the custodian, to launch the ETFs.

Harvest Global Investments has revealed that it has received provisional approval from the SFC for two spot crypto ETFs, as stated in a company announcement. The company added that these ETFs will be developed in partnership with OSL.

The firm highlighted that the new products will effectively tackle issues such as excessively high margin requirements, price premiums due to the absence of short sellers, and losses from rolling positions, thus providing a more accurate reflection of Bitcoin’s immediate value.

Bosera International and HashKey Capital have also reportedly received approval to offer Bitcoin and Ethereum ETFs. Bosera and HashKey announced their strategic collaboration on April 6 during the 2024 Hong Kong Web3 Festival.

Bitcoin and Ethereum Respond Povisitvely

After the approvals, Bitcoin’s price has rebounded, currently trading at $66,321, marking a 2.4% increase from yesterday, as per CoinMarketCap.

The announcement has also spurred Ethereum’s price, which is currently at $3,250, showing a 5.2% rise within the past 24 hours.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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