Starting from April 30, the initial Bitcoin and Ether exchange-traded funds (ETFs) for spot trading have received approval to commence operations in Hong Kong.
On April 24, Hong Kong’s securities regulatory body, the Securities and Futures Commission (SFC), announced its approval for the initial offering of Bitcoin and Ether Exchange-Traded Funds (ETFs), as mentioned in a communique obtained by CryptoMoon.
Starting from the first group of authorized Hong Kong ETFs, there are those offered by China Asset Management (ChinaAMC). Their Bitcoin and Ether ETFs have been approved and will be available for trading as of April 30.
According to Thomas Zhu, head of digital assets and family office business at ChinaAMC, ETFs will provide both retail and institutional investors with a safer and more convenient investment option for underlying digital assets under regulatory oversight. (Paraphrased version)
“The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians. With the growing adoption of ETFs in institutional asset allocation and retail trading in Hong Kong, we expect robust demand for our offerings.”
Over 205 ETFs have been given the green light by Hong Kong’s financial regulatory body, as of now, based on their official website.
This is a developing story, and further information will be added as it becomes available.
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2024-04-24 15:36