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The Hong Kong Securities and Futures Commission (SFC) has reportedly granted approval for the city’s inaugural spot Bitcoin and Ethereum exchange-traded funds (ETFs), which are managed by China Asset Management (Hong Kong) along with several other applicants.
China Asset Management (Hong Kong) has allegedly collaborated with OSL Digital Securities and BOC International Prudential Trusteeship to launch spot Bitcoin and Ether ETFs.
The SFC of Hong Kong is expected to make an official announcement to validate these reports, as of 05:30 a.m. ET.
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This development has propelled Bitcoin’s price beyond US$66,500, aiding the asset’s recovery after it fell below US$63,000 over the weekend.
This ETF, which offers direct exposure to Bitcoin’s market value, is anticipated to enhance Hong Kong’s reputation as a leading hub for cryptocurrency trading and investment.
The introduction of the spot Bitcoin ETF is also expected to create demand of up to US$25 billion, as estimated by Matrixport, by providing traders in China with easier access to digital assets.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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