Hong Kong regulators are getting ready to approve the launch of Bitcoin and Ethereum ETFs.
Bloomberg suggests that approval for Bitcoin and Ethereum ETFs in Hong Kong could come as soon as April 15. If these ETFs get the go-ahead, Hong Kong will lead Asia in offering them.
Harvest Fund Management Co.’s international division from China and a partnership between Bosera Asset Management (International) Co. and HashKey Capital are expected to be among the first to receive approval. Their applications are currently undergoing final checks.
Both firms are ready to launch their ETFs by month-end, pending final approval from the Securities and Futures Commission (SFC) and sorting out listing arrangements with Hong Kong Exchanges & Clearing Ltd.
Last week, the SFC gave the green light to Harvest and China Asset Management to handle funds linked to virtual assets. The launch of spot Bitcoin ETFs in the U.S. earlier this year has injected fresh life into crypto markets, showing how impactful these financial products can be.
Since the SEC approved them in January, spot Bitcoin ETFs have attracted over $59 billion in assets, driving Bitcoin to a new record high in March.
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With Hong Kong, a significant market in Asia, likely to approve ETFs soon, it could have a big impact on Bitcoin and Ethereum markets. In May, the London Stock Exchange might also introduce Bitcoin and Ethereum exchange-traded notes (ETNs), which work similarly to ETFs.
These approvals would make it simpler for institutional investors to get into cryptocurrencies without dealing with the complexities of buying, storing, and securing them directly.