The approval of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) could reportedly happen as early as next week in Hong Kong
According to a new report from Bloomberg, anonymous people familiar with the matter say that two companies – Chinese asset manager Harvest Fund Management and a partnership between Bosera Asset Management and HashKey Capital – are expected to have both BTC and ETH ETFs approved by regulators. .
The sources told Bloomberg that Hong Kong’s Securities and Futures Commission (SFC) could approve the ETFs for the companies as early as Monday and the products could hit the market by the end of the month.
Earlier this week, reports surfaced that Harvest Fund Management was in line for permission to launch a BTC ETF on the spot market, while on April 9, the SFC granted permission to Harvest and China Asset Management to provide crypto management services offer, the report said.
Spot market ETFs in the US were approved by the US Securities and Exchange Commission (SEC) in January, after a court ruled that the regulator must reconsider its position on such products to remain consistent.
The court ruled that since the SEC had previously approved BTC futures ETFs, it would make no sense to disapprove spot market ETFs. The data shows that BTC saw inflows of tens of billions of dollars after the launch of the spot ETFs.
According to Bloomberg, regulators in Hong Kong have already given the green light to the launch of futures-based digital asset ETFs such as CSOP Bitcoin Futures, CSOP Ether Futures and Samsung Bitcoin Futures, which have $170 million in combined assets.
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Featured image: Shutterstock/Don White – Art Dreamer/Vladimir Sazonov