Hong Kong is expected to approve Bitcoin and Ether ETFs as early as Monday, according to two sources familiar with the matter, marking a big step for the cryptocurrency industry in the region.
Harvest Fund Management, along with Bosera Asset Management and HashKey Capital, is anticipated to receive approval for its spot Bitcoin and Ether ETF applications.
By the end of April, the ETFs are expected to receive the green light from the Securities and Future Commissions (SFC). Additionally, the SFC is reportedly collaborating with Hong Kong Exchanges & Clearing Ltd to finalize the approval process.
This could be a game changer for the Asian traders. There has always been discussions how the region is fast becoming the emerging market and I think the addition of crypto ETF will further entice investors.My happiness in Hong Kong approving Bitcoin and Ethereum ETF is not about the price movement of bitcoin or any other impact in the market. I am just considering the overall physical importance in the global adoption of cryptocurrency, having known that China is about to make a U-turn about their decisions in cryptocurrency. The US and Chinese economy is the biggest in the world, having these two economies support bitcoin is a heavy advantage to the industry.
What do you guys think about this news? Will it make another jump for BTC?Things like this is always good news for BTC, spot etf approval is a positive for the network and community. However, i do not think it will case a serious pump in the price of BTC, this is obviously not as big as the spot etf approval in the U.S, so do not expect a similar effect until we see what the inflows is going to be.
Adoption as a payment method or for transferring funds? If you're talking about that, I wouldn't put my hopes up. These ETF approvals are really made for trading and profits. In the US, they are not treated as currencies but capital assets. I cannot find a clear treatment in Hongkong but it will likely be the same.This could be a game changer for the Asian traders. There has always been discussions how the region is fast becoming the emerging market and I think the addition of crypto ETF will further entice investors.My happiness in Hong Kong approving Bitcoin and Ethereum ETF is not about the price movement of bitcoin or any other impact in the market. I am just considering the overall physical importance in the global adoption of cryptocurrency, having known that China is about to make a U-turn about their decisions in cryptocurrency. The US and Chinese economy is the biggest in the world, having these two economies support bitcoin is a heavy advantage to the industry.