Hong Kong Approves Bitcoin and Ethereum Spot ETFs, Boosting Crypto Market

IconCrypto News Terminal24 Apr, 2024

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Hong Kong Approves Bitcoin and Ethereum Spot ETFs, Boosting Crypto Market

The Securities and Futures Commission (SFC) of Hong Kong has formally approved the launch of Bitcoin and Ethereum (ETH) spot exchange-traded funds (ETFs), with the first ETF from China Asset Management (华夏基金, ChinaAMC) set to begin trading on April 30, according to Cointelegraph. This approval is a significant milestone for the cryptocurrency industry in Hong Kong, as it opens up new avenues for investors to gain exposure to digital assets. The SFC's decision follows a period of increased regulatory scrutiny and consultation, demonstrating the growing acceptance and legitimacy of cryptocurrencies in mainstream financial markets. The launch of these ETFs is expected to boost the liquidity and accessibility of Bitcoin and Ethereum in Hong Kong, potentially attracting a wider range of investors to the cryptocurrency market. It also serves as a positive signal to other jurisdictions considering the regulation of crypto assets. Previously on April 24, 2024, the SFC granted in-principle approval for spot Bitcoin and Ethereum ETFs from Bosera Asset Management and HashKey, with Harvest Global set to launch and list its own products by the end of April.

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