Exciting developments are on the horizon for the cryptocurrency industry, as Hong Kong regulators are reportedly gearing up to approve spot exchange-traded funds (ETFs) based on bitcoin and ether. Citing sources familiar with the matter, Bloomberg revealed that the approval could come as soon as Monday, signaling a significant milestone in the adoption of digital assets in traditional finance.
The anticipated approval is expected to pave the way for the launch of spot ETFs by key players in the industry. Harvest Fund Management Company, a subsidiary of a prominent Chinese asset manager, is poised to secure approval to operate as an issuer of both bitcoin and ether funds. Additionally, a strategic partnership between Bosera Asset Management (International) Co. and HashKey Capital is anticipated to receive the green light to offer spot ETFs for both cryptocurrencies.
Livio Weng, CEO of HashKey, had previously expressed optimism regarding the approval of a spot ether ETF, contingent upon resolving issues related to on-chain staking. If successful, this move could further bolster investor accessibility to digital assets and drive greater participation in the burgeoning crypto market.
According to Bloomberg’s report, the first batch of issuers is tentatively scheduled to launch spot ETFs for both bitcoin and ether by the end of April, signaling accelerated momentum in the cryptocurrency investment landscape.
These developments follow the proactive stance of the Hong Kong Securities and Futures Commission (SFC) in facilitating increased access to digital asset-based investments for institutional investors. Earlier this month, the SFC granted clearance to Harvest and China Asset Management to manage cryptocurrency-focused funds, underscoring Hong Kong’s commitment to embracing innovation in finance.