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On April 15, Hong Kong approved several spot Bitcoin and Ethereum ETFs, advancing its ambitions to become a key cryptocurrency center in the region.
China Asset Management’s Hong Kong division announced it had secured authorization from the Hong Kong Securities and Futures Commission to provide retail asset management services involving spot crypto ETFs. The company aims to launch spot bitcoin and ether ETFs in partnership with OSL and BOCI International.
Harvest Global Investments has also received provisional approval from the SFC for its two spot crypto ETFs, as spotted by crypto investigator Wu Blockchain. These ETFs, also in partnership with OSL, are designed to mitigate challenges such as high-margin requirements.
As the exclusive trading partner and sub-custodian for Harvest Global Investments Limited's Spot BTC/ETH ETFs. Congratulations to #HarvestGlobal on securing approval in principle for your innovative Spot BTC/ETH ETFs! 🎉 #SpotcryptoETFs #digitalassets #HongKong
— OSL (@osldotcom) April 15, 2024
Another significant approval was granted to Bosera Asset Management and HashKey Capital, as spotted by crypto investigator Wu Blockchain.
Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7
— Wu Blockchain (@WuBlockchain) April 15, 2024
Both confirmed conditional approval for their joint management of two spot crypto ETFs. They plan to introduce a spot Bitcoin ETF, the Bosera HashKey Bitcoin ETF, and a spot Ethereum ETF, the Bosera HashKey Ether ETF, which will allow direct subscriptions using Bitcoin and Ethereum. However, the launch schedule remains unspecified.
Bosera issued a statement emphasizing that launching Virtual Asset Spot ETFs offers new investment opportunities and bolsters Hong Kong’s role as an international finance center and a leader in virtual assets.
This move contrasts sharply with the stringent cryptocurrency trading and mining restrictions enforced in mainland China. Instead, Hong Kong has embraced cryptocurrency enterprises, establishing a crypto licensing regime in June 2023 that permits licensed exchanges to provide retail trading services. Hong Kong has issued licenses to two trading platforms, HashKey and OSL.
