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The Hong Kong Securities and Futures Commission (SFC) has recently authorized the first exchange-traded funds (ETFs) for spot Bitcoin and Ethereum.
Multiple official statements have verified these approvals, including those from China Asset Management Co. (China AMC), Harvest Global Investments, Bosera International, and HashKey Capital.
Initial Bitcoin ETF Issuers in Hong Kong
As per the announcement made by China AMC’s Hong Kong branch, the SFC has granted the company the authority to offer digital asset management services to investors. China AMC intends to introduce ETF products linked to spot Bitcoin (BTC) and Ethereum (ETF).
China AMC Hong Kong will collaborate with the digital asset platform OSL Digital Securities and the custodian Bank of China International-Prudential Trustee Limited (BOCI-Prudential Trustee Limited) to launch the ETFs.
Harvest Global Investments has disclosed that it has received preliminary approval from the SFC for two spot crypto ETFs, according to a company announcement. The firm also mentioned that these ETFs will be developed in partnership with OSL.
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Harvest Global’s Official Announcement (Source: Harvest Global)
The company stated that the new offerings will effectively tackle challenges such as excessively high margin requirements, price premiums resulting from the lack of short sellers, and losses from rolling positions, thus providing a more accurate representation of Bitcoin’s immediate value.
Bosera International and HashKey Capital have also reportedly received approval to offer Bitcoin and Ethereum ETFs. Bosera and HashKey announced their strategic partnership on April 6 during the 2024 Hong Kong Web3 Festival.
Bitcoin and Ethereum React Positively
In the wake of the approvals, Bitcoin’s price has increased, currently trading at $66,321, reflecting a 2.4% rise from the previous day, according to CoinMarketCap.
Ethereum’s price has also been positively influenced by the announcement, trading at $3,250 at the time of this writing, marking a 5.2% increase over the last 24 hours.
The post Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs as Market Rebounds appeared first on Cryptonews.
