The Securities and Futures Commission of Hong Kong has approved the first batch of Bitcoin and Ethereum spot ETFs today. Fund companies, including Huaxia Fund (Hong Kong), CSOP Asset Management, and Bosera International, have all announced today that they have received principle approval from the Securities and Futures Commission. According to previous reports from Chinese media, the Securities and Futures Commission plans to open ETF trading for related products on April 25th, at the latest by the end of April.
Multiple fund companies announce their approved applications
Expected to begin trading by the end of April
Approval of Ethereum spot ETF is a milestone
Hong Kong is about to welcome its first locally issued Bitcoin and Ethereum spot ETFs. Huaxia Fund (Hong Kong), CSOP Asset Management, and Bosera International/HashKey Capital have all announced this afternoon that they have received principle approval from the Securities and Futures Commission and can issue ETF products.
1. Huaxia Fund (Hong Kong) announced this afternoon that it has obtained approval from the Securities and Futures Commission of Hong Kong to provide investors with virtual asset management services. It plans to issue ETF products that can invest in Bitcoin and Ethereum spot. The company will collaborate with OSL Digital Securities Limited and leading custodian institution BOC International (UK) Limited to actively research and deploy this.
2. CSOP Asset Management announced that the Securities and Futures Commission of Hong Kong has given principle approval for CSOP to invest in two digital asset spot ETF products. The products will be processed through OSL Digital Securities Limited, the first licensed and insured digital securities company in Hong Kong, which will effectively address issues such as high margin requirements, price premiums caused by short positions, and rolling losses, thereby more accurately reflecting the real-time value of Bitcoin.
3. Bosera International and HashKey Capital stated today to The Block that the two jointly applied virtual asset spot ETFs have received conditional approval from the Securities and Futures Commission of Hong Kong, but these two companies did not clarify the meaning of conditional approval.
OSL confirmed that its digital asset trading platform has been appointed as the first virtual asset trading platform and custodian partner of CSOP International to support its upcoming Bitcoin/Ethereum spot ETF, which has received principle approval in Hong Kong and plans to launch soon.
Bosera International and HashKey Capital stated that they will collaborate to launch Bitcoin and Ethereum spot ETFs and adopt a physical subscription and redemption mechanism that allows investors to directly use Bitcoin and Ethereum to subscribe to ETF shares. The specific issuance schedule of the ETF has not been disclosed by both parties.
However, it should be noted that the Securities and Futures Commission of Hong Kong has not officially announced the list of approved entities.
Previously, Tencent Finance quoted sources to report that after the Securities and Futures Commission approved the first batch of Bitcoin spot ETFs on the 15th, the Hong Kong Stock Exchange would need about two weeks to prepare for product listing. However, the entire Bitcoin spot ETF project has already had detailed communication with the Hong Kong Stock Exchange in advance, and it is expected to be completed in about ten days.
The Securities and Futures Commission of Hong Kong plans to open Bitcoin spot ETF trading in Hong Kong on April 25th, at the latest by the end of April.
It is worth noting that the approval of the Ethereum spot ETF in Hong Kong is ahead of the United States and sets a new milestone for the cryptocurrency industry. Adrian Wang, CEO of Metalpha, said that the upcoming Ethereum spot ETF may have great appeal.
Angela Ang, a former regulatory official of the Monetary Authority of Singapore and senior policy advisor at blockchain intelligence company TRM Labs, also stated that Hong Kong’s approval of the Ethereum spot ETF ahead of the United States is an important milestone for Hong Kong to become a leading cryptocurrency center.
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