Let’s explore this Bitcoin approval news in detail below-

Key Points- 

• The Securities and Futures Commission (SFC) of Hong Kong has approved the launch of Bitcoin and Ethereum Exchange-Traded Funds (ETFs), marking a crucial advancement in providing investors with a regulated and secure investment option.

• The Ethereum and Bitcoin ETF approval date is decided to be 30th April which marks this day as a historic development in the Ethereum and Bitcoin ETF Approval News.  

• The SFC has now authorised the ETFs for Bitcoin and Ethereum, after a period of intense discussion. Experts predict that these deals might draw over $25 billion if they are made available to investors in mainland China.

• The list of approved Hong Kong ETFs, which now includes products from ChinaAMC, Harvest, and Bosera HashKey, is expanding and can be seen on the SFC website. 

Sub-Custodian Partners in the Launch

The ETFs that were approved by ChinaAMC and Harvest Global Investments have confirmed that they will use OSL, a digital asset platform, as its “sub-custodian partner.” According to OSL, the conditional permission indicates that the regulatory review process has been effectively completed, and they are working very hard to make sure the launch goes well.

Head of Digital Assets at ChinaAMC Thomas Zhu emphasised the benefits of this in-kind ETF approach. He said that the feature draws in coin owners by making it simple to convert coins into fully regulated exchange-traded funds (ETFs) run by licensed professional fund managers.

Zhu anticipates strong demand for their products given the expanding use of ETFs in institutional asset allocation and retail trading in Hong Kong. This partnership is crucial in the Hong Kong Bitcoin ETF landscape.

Future of Hong Kong ETF

Though it’s still uncertain if mainland Chinese investors will be able to buy these ETFs, the possibility of up to $25 billion entering the market is significant. The United States Securities and Exchange Commission took the same step in January 2024, approving 11 spot Bitcoin ETFs. The approval of Ethereum and Bitcoin ETFs in Hong Kong comes after that.

ChinaAMC accepted in a press statement that although conditional approval was given earlier this month, the official stamp of approval creates the conditions for trading to start on April 30. Given the increasing use of ETFs in institutional asset allocation and retail trading in Hong Kong, this development is expected to increase demand for Ethereum and Bitcoin ETFs in Hong Kong. 

Conclusion- 

Hong Kong’s Securities and Futures Commission (SFC) has given the green light for Bitcoin and Ethereum Exchange-Traded Funds (ETFs). These Hong Kong ETFs will officially start trading on April 30th. It’s a big step for cryptocurrency investors in Hong Kong, providing a safe and regulated way to invest in virtual assets.

That’s all about the Hong Kong Bitcoin ETF Approval News from our side! 

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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.