Expectations are growing that Hong Kong will approve ETF products. Experts see this approval as one of the biggest events that will move the cryptocurrency market in the near term. Hong Kong could approve spot Bitcoin and Ethereum ETFs as early as Monday, Bloomberg reported.
Hong Kong will green light Bitcoin and Ethereum ETF!
A recent report from Bloomberg suggests that Hong Kong will soon approve Spot ETFs that invest directly in Bitcoin and Ethereum, two of the most prominent cryptocurrencies. If speculations are true, Harvest Fund Management Co. international organizations such as Bosera Asset Management (International) Co. A collaboration between HashKey Capital will get the green light to launch spot-to-crypto ETFs.
Notably, these ETFs in Hong Kong require regulatory approval from the Securities and Futures Commission (SFC) and Hong Kong Exchanges & Clearing Ltd. It is planned to be launched by the end of the month, pending the finalization of listing details.
Will Hong Kong launch Ethereum ETF before the US?
Meanwhile, the reported approval comes from Harvest Fund Management Co. It comes on the heels of earlier indications that the company was on track to receive permission to offer a Spot Bitcoin ETF in Hong Kong. However, neither SFC nor Harvest has made any official statement on the matter.
Additionally, despite the anticipation surrounding the approvals, the timeline remains unclear. According to sources familiar with the matter, this date is possible with a last-minute change. This situation needs to be specifically mentioned. Additionally, according to some sources, Hong Kong plans to launch Ethereum ETF before the US.
Effects of potential approval on the cryptocurrency market
Hong Kong’s green light for Bitcoin and Ethereum ETFs is important for the global cryptocurrency market. According to experts, this development could have far-reaching effects. cryptokoin.com As we reported earlier this year, the US SEC approved spot Bitcoin ETFs. This development had significant implications for the market. Notably, assets under management for such ETFs reached approximately $59 billion. Thus, these products were effective in regaining momentum in the market.
Additionally, this influx of institutional investment played a significant role in pushing the Bitcoin price to new highs. The leading cryptocurrency price last rose above $73,700 in mid-March. According to experts, Hong Kong’s move to adopt crypto ETFs will have an impact in many ways. Because Hong Kong is a leading destination for digital asset companies with cities such as Singapore and Dubai. Moreover, he is in an ongoing competition to prove himself in this field. However, the positive development has not yet been positively reflected in Bitcoin and Ethereum prices.
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