5 months ago
Hong Kong further solidified its presumption arsenic a crypto hub, with respective issuers reporting support of their spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) applications connected April 15.
However, Hong Kong’s foremost fiscal regulator, the Securities and Futures Commission (SFC), has yet to merchandise an authoritative connection connected this development.
SFC has not responded to CryptoSlate’s petition for remark at press time.
Spot Bitcoin ETFs
China Asset Management, 1 of the issuers, disclosed that its Hong Kong entity received regulatory support to connection virtual plus absorption services, paving the mode for Spot Bitcoin and Ethereum products.
Its connection reads:
“China Asset Management (Hong Kong) has received support from the Hong Kong Securities and Futures Commission to supply virtual plus absorption services to investors. It present plans to contented ETF products that tin put successful spot Bitcoin and spot Ethereum.”
China Asset Management aims to motorboat the products by teaming up with OSL Digital Securities. BOC International Prudential Trusteeship has been selected arsenic its custodian.
Similarly, Bosera Capital and Harvest Global Investments announced that the fiscal regulator has approved their applications for Bitcoin and Ethereum spot ETFs. However, these announcements person been deleted arsenic of property time.
Meanwhile, marketplace observers believe that the approved crypto ETFs would pull caller investments to the portion and revolutionize the marketplace by providing a much businesslike and little risky mode of managing assets done the in-kind instauration model.
Crypto hub status
The reported support of these crypto ETFs further positions Hong Kong arsenic a pioneer crypto hub wrong Asia.
Over the past year, Hong Kong has attracted significant attention and praise from the crypto manufacture owed to its pro-crypto regulatory approach.
Cathie Wood, CEO of Ark Invest, precocious lauded the country’s robust pro-crypto regulatory framework, saying:
“Hong Kong is the ‘leader’ successful presumption of policy. It powerfully encourages the improvement of innovative exertion and entrepreneurs. The strategy of concern and communal practice with the authorities has fixed the instauration a bully model.”
The station Hong Kong approves Bitcoin and Ethereum ETFs arsenic US lingers connected ETH approval appeared archetypal connected CryptoSlate.
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