Key Points
- Hong Kong regulators are set to approve spot ETFs based on Bitcoin and Ether.
- A subsidiary of Harvest Fund Management Company and a partnership between Bosera Asset Management and HashKey Capital are expected to receive approval.
Hong Kong's regulatory authorities are on the verge of approving spot Exchange Traded Funds (ETFs) that are based on Bitcoin and Ethereum.
Approval for Bitcoin and Ether ETFs
The approval could come as soon as Monday, according to sources close to the matter. As part of this approval process, a subsidiary of the Chinese asset manager, Harvest Fund Management Company, is likely to receive the green light to operate as an issuer of a Bitcoin and an Ether fund.
In addition, a collaboration between Bosera Asset Management (International) Co. and HashKey Capital is expected to get approval to offer both types of spot ETFs. The first group of issuers is expected to launch both types of spot ETFs by the end of April.
Increasing Institutional Access to Digital Assets
These anticipated approvals follow indications from the Hong Kong Securities and Futures Commission (SFC) that it would facilitate increased access to digital asset-based investments for institutional investors. Earlier this month, the SFC granted Harvest and China Asset Management the go-ahead to manage cryptocurrency-based funds.
