Samsung’s investment arm, Samsung Asset Management, has planned to launch a Bitcoin exchange traded fund in Hong Kong.
The product dubbed ‘Samsung BTC Futures Active ETF’ is planned to be launched on the 13th of January 2023 on Hong Kong’s Stock Exchange. to float on January 13 and will begin listing on the Hong Kong Stock Exchange.
The exchange-traded fund from Samsung will enable both institutional and individual players to engage with the virtual asset at the same time, allowing individuals to be on the same footing as big names in the industry. Samsung’s BTC Futures ETF will invest in products involving BTC futures that are listed on the CME (Chicago Mercantile Exchange).
Hong Kong gained notoriety as one of the most welcoming regions to Bitcoin, being the only Asian country to allow Bitcoin Futures ETF investing. Hong Kong is similar in this regard to countries like Switzerland, the United States of America, and Canada.
Samsung’s BTC ETF follows the previously launched crypto futures ETF in Hong Kong. The latter debuted in 2022 and it managed to secure USD 70 million prior to its trading listing.
In crypto’s early days, many companies decided to establish their headquarters in Hong Kong since the nation allowed the crypto environment to thrive. Regulation became stricter with time, and companies started to leave the country. Hong Kong’s financial regulator decided last year to become more lenient, starting with getting rid of the condition that crypto traders had to have a USD 1 million capital in order to be a part of Hong Kong’s crypto industry.
