Hong Kong’s market regulator, the Securities and Futures Commission (SFC), cryptocurrencies Officially approved the first batch of spot ETFs. This is a first for the city and could lead to further growth in the sector, enabling it to become Asia’s leading digital asset hub.
According to the regulator’s website, the SFC on Tuesday announced spot-based investment by a consortium of asset managers Harvest Global Investments, China Asset Management (ChinaAMC) and Bosera Asset Management and HashKey Capital. Bitcoin And Ethereum Approved ETFs.
Bloomberg Intelligence analyst Eric Balchunas says the funds could begin trading on April 30. He added that management fees were lower on average than previously expected.
James Seyffart, a senior ETF analyst at Bloomberg Intelligence, noted there is a “potential fee war” between issuers. Harvest is waiving all fees for the first six months. After the first period, it will charge 0.3% for both spot BTC and ETH funds, remaining below Bosera-HashKey funds’ 0.6% and ChinaAMC’s 0.99% management fees.
This approval comes three months after US regulators gave the green light to the first spot-based Bitcoin ETFs in that country.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!