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According to the predicted timetables, the Hong Kong Securities and Futures Commission (SFC) has approved the trading of spot Bitcoin ETFs and Ethereum ETFs in the region. This also makes Hong Kong the first jurisdiction to issue a spot Ethereum ETF, while the US SEC is still considering it.
Hong Kong Regulator Approves New Bitcoin and Ethereum Spot ETFs
Several prominent financial firms, including China Asset Management, Bosera Capital, and HashKey Capital Limited, have received approval from the Hong Kong Securities and Futures Commission for their applications to launch Bitcoin and Ethereum spot exchange-traded funds (ETFs), as reported by local new publication. This development allows investors to buy ETF shares directly using Bitcoin and Ethereum.
In addition to these licenses, Harvest Global Investments announced that the Hong Kong Securities and Futures Commission has granted preliminary clearance for establishing Bitcoin and Ethereum digital asset spot ETFs, indicating further development of the digital asset investing landscape.
“This time Harvest’s investment in two major digital asset spot ETF products has been approved in principle, which not only highlights Hong Kong’s competitive advantages in the field of digital assets, but also demonstrates Harvest International’s drive to promote industry innovation and satisfaction. This reflects our continued leadership and innovation in blockchain assets and AI investment,” Han Tongli, CEO and CIO of Harvest International, stated.
Harvest's investment in the two major digital asset spot ETF products will be made through OSL Digital Securities Co., Ltd., the first digital asset platform licensed and insured by the Hong Kong SFC. This will help to effectively solve the excessive margin requirements, price premiums, and rollovers caused by the lack of short positions.
It can address warehouse losses and better reflect Bitcoin's real-time value.
China's Crypto Ban Blocks Mainland Access to Hong Kong's Bitcoin, Ethereum ETFs
Currently, Mainland China has enforced a complete crypto prohibition in the area. Thus, its chances of gaining access to Hong Kong-listed Bitcoin and Ethereum ETFs appear poor now. Issuers in Hong Kong have confirmed that legal limits prevent mainland Chinese funds from participating in cryptocurrency-related ETFs.
ETF issuers in Hong Kong have recently communicated to clear up any confusion about the investment possibilities of Chinese mainland investors participating in the Southbound Stock Connect program.
The Southbound Stock Connect program, designed to encourage cross-border investment between mainland China and Hong Kong, excludes digital currency items due to China's conservative stance on cryptocurrency risk.
