According to recent news, Hong Kong may move to approve Bitcoin and Ether spot ETFs starting next week. This is considered an important development for cryptocurrency investors. On the other hand, it brings some China/Hong Kong-based altcoin projects to the agenda. It also represents an important step towards becoming the crypto finance center of the region. Here are the details…
Hong Kong begins ETF preparations
cryptokoin.com As we reported, Bloomberg, which was the first to announce the news, points to HashKey as one of the first companies to receive approval from Hong Kong’s Securities and Futures Commission (SFC). HashKey upgraded its license earlier this year and was authorized to offer digital asset products for retail investors. It is also known that HashKey has established an important partnership in the industry with this development. By collaborating with Bosera International, the company aims to launch innovative spot ETFs and offer new investment opportunities to retail investors.
According to Bloomberg, HashKey has not made any official statement on this issue so far. However, in addition to HashKey, the international arm of Harvest Fund Management is also among the companies awaiting approval for Bitcoin and Ether spot ETFs. If the SFC gives its approval, these ETFs are also expected to be launched by the end of this month. This move by Hong Kong, unlike the US approving Bitcoin ETFs and rejecting Ether ETFs, marks a shift in perspective on cryptocurrency investments and an important step the region is taking towards crypto finance leadership.
How will China-related altcoin projects act?
Meanwhile, analysts observe that with Hong Kong’s ambition to become a leading Asian crypto hub, China-linked tokens such as VeChain and Neo are also contributing to this goal. While speculation regarding the approval of Bitcoin and Ether spot ETFs has increased recently, these two tokens have also achieved significant weekly gains. However, they gave back some of their weekly gains due to the general downward trend in the market. Wintermute analysts rate VeChain and Neo as follows:
VeChain and Neo are seen as representatives of demand in Asia, especially by individual investors and fast money circles. Neo is also popularly known as ‘China’s Ethereum’.
Analysts also point to Hong Kong’s efforts to become a cryptocurrency hub in the East. This is thought to have contributed to Neo’s strong performance and investor interest in VeChain and Conflux. At the time of writing, VeChain (VET) is changing hands at $0.044, a decline of 5.5 percent. Neo is at $20.19, a decline of 8.7 percent. Finally, Conflux (CFX) experienced the biggest decline and is changing hands at $0.27. Behind this change in cryptocurrencies is the general concern about the decline in the market.
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