- Hong Kong may soon approve Bitcoin and Ether exchange-traded funds, potentially by Monday, according to Bloomberg.
- Harvest Global Investments and Bosera Asset Management are front-runners for initial ETF approvals.
- Approval could position Hong Kong as a leading digital asset hub in Asia.
Hong Kong is on the verge of approving its first-ever exchange-traded funds (ETFs) for Bitcoin and Ether, setting the stage for what could be a major development in the cryptocurrency markets this month. According to Bloomberg, which cited sources close to the matter, the approvals could come as early as Monday if all listing details are finalized in time with the Hong Kong Exchanges & Clearing (HKEX).
Anticipation Builds in Hong Kong
This move could see products launched by the end of April, marking a significant step in Hong Kong’s efforts to establish itself as a premier hub for digital assets in Asia. Among the contenders for these pioneering products are Harvest Global Investments and a collaborative ETF from Bosera Asset Management (International) Co. and HashKey Capital. These firms are reported to be the first in line to receive the green light from regulators, although the exact timeline for approval remains flexible and subject to last-minute adjustments.
Potential Impact on the Market
The potential approval of these ETFs is viewed as a landmark event for the cryptocurrency sector and could have wide-reaching implications for the market dynamics within the region. Hong Kong’s proactive stance contrasts with the more cautious approach seen in the United States, where, despite the approval of Bitcoin spot ETFs that led to a record price rally, similar products for Ether are still pending approval.
Hong Kong’s Securities and Futures Commission (SFC), the city’s market regulator, has not made any official comments regarding these developments. Similarly, representatives from Harvest Global Investments, Bosera Asset Management, HashKey, and HKEX have yet to respond to inquiries regarding the matter.
