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  • Writer's pictureRealFacts Editorial Team

Regulators Approve Launch of Bitcoin and Ether ETFs in Hong Kong

Hong Kong crosswalk full of people

In a significant development in Hong Kong's financial sector, regulators have recently given approval for the introduction of spot bitcoin and ether exchange-traded funds (ETFs), mirroring similar initiatives in the United States. After a weekend characterized by market fluctuations, bitcoin saw a significant 3% increase in trading value, aligning with the approval granted to three ETF providers by the Hong Kong Securities and Futures Commission (SFC).

Among the approved providers, ChinaAMC is notable for securing regulatory clearance to offer “virtual asset management services” and actively progressing towards launching spot bitcoin and ether ETFs, with OSL Digital Securities set to handle custodial responsibilities. Additionally, Harvest Global and Bosera International have received approval from the SFC for their bitcoin and ether ETFs. Despite efforts to gather more information, the Hong Kong SFC has chosen not to comment on the issue.

This regulatory achievement not only highlights Hong Kong's aspirations to become a regulated cryptocurrency center but also presents a competitive challenge to established players like Dubai and Singapore. However, concerns remain about whether mainland Chinese investors will have access to cryptocurrency investments through these ETFs, given China's strict crackdown on crypto trading. Nevertheless, with regulatory obstacles overcome, there's potential for traditional investors to enter the crypto market using ETFs as a way to engage with digital assets.

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