As per experts speaking to Bloomberg, Hong Kong watchdogs have almost completed the approval for Bitcoins and Ethereum for the spot ETFs, which might be approved as early as Monday.
A subsidiary of Harvest Fund Management Company, a prominent Chinese asset manager, is anticipated to secure approval to operate as an issuer for both a Bitcoin and an Ethereum fund. Additionally, a collaboration between Bosera Asset Management (International) Co. and HashKey Capital is expected to gain approval to offer spot ETFs for both cryptocurrencies.
Livio Weng, CEO of HashKey Capital, suggested that the approval of a spot Ether ETF is imminent, pending the resolution of on-chain staking issues.
Implications and Launch Timeline
The approval signals a step towards increasing institutional investors’ access to digital asset-based investments in Hong Kong. The first batch of issuers is scheduled to launch both types of spot ETFs by the end of April, according to Bloomberg’s report.
The anticipated approvals follow the Hong Kong Securities and Futures Commission’s recent indications of facilitating institutional access to digital asset investments. Earlier this month, the SFC granted clearance to Harvest and China Asset Management to manage cryptocurrency-based funds, further demonstrating the region’s commitment to fostering innovation in the digital asset space.
