Bloomberg reported, citing two people familiar with the situation, that Hong Kong could approve spot exchange-traded funds for bitcoin (BTC) and ether (ETH) as early as Monday.
According to the article, the products might be released by the end of the month if listing details are finalised with Hong Kong Exchanges & Clearing (HKEX) in a timely manner.
A product by Bosera Asset Management (International) Co. and HashKey Capital, Harvest Global Investments, a significant asset management company in China, may be the first to receive approvals. It was apparently the first to apply for a spot bitcoin exchange-traded fund (ETF). The individuals stated that there is no set approval timeline and that last-minute modifications are possible.
The individuals stated that there is no set approval timeline and that last-minute modifications are possible.
One of the key developments for the cryptocurrency industry is Hong Kong’s acceptance of the ETF products, which has the potential to make the city the hub of digital assets in Asia.
The United States has not yet authorised ether ETFs, despite approving spot-bitcoin exchange-traded funds (ETFs) in January and causing a record price surge that has seen bitcoin reach $73K.As a matter of fact, there is little chance that spot-ether ETF products will receive US approval. The market regulator in Hong Kong, the Securities and Futures Commission (SFC), declined to comment.