Hong Kong regulators approve spot bitcoin and ether ETFs

[Alston Liu]

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.

Read more of this crypto news here!

What do you guys think about this news? Will it make another jump for BTC?

[TomPluz]

I am sure this news will be helping Bitcoin and Ethereum but as to the extent of its influence on the price of the said digital asset that may remain to be seen. Hong Kong is a strategic market for cryptocurrency as it is the hub for many rich Chinese investors who experienced the ban of crypto in the mainland many years ago. And if these investors will be coming in to the Hong Kong market then this can be a big force to contend with and can further push the ETF market for both BTC and ETH. Right now, there is a little bit deep dip for cryptocurrency just days before the expected halving and many can be thinking that  halving has already been factored in the prices of cryptos for the past many weeks. Yet we should really be excited in this news as we know that Asia is a big market for crypto and if this market can be stimulated well then we can expect bigger boom in the many months ahead of 2024 and 2025.

[bayu7adi]

Good news if this really happens... so far Hong Kong has often brought a breath of fresh air to the cryptocurrency community... if this really happens, the Bitcoin chart movement when the halving occurs will be formed in accordance with the previous cycle.

His move to imitate the U.S. is enough to calm some people, especially cryptocurrency users. This is also a sign that Hong Kong and cryptocurrency are two mutually friendly elements.

Can't wait for the end of April 2024.

[yhiaali3]

I was just reading this news on Cointelegraph, and according to the article, Reuters reported that the Securities and Futures Commission (SFC) in Hong Kong conditionally approved the first spot ETFs for Bitcoin and Ethereum on April 15. Harvest and Bosera in Hong Kong also received conditional approval from the regulatory authority.

This means that in practice, ETFs for Bitcoin and Ethereum companies that have received approval will begin their activity, and therefore we are expected to notice an improvement in the market if these companies start buying Bitcoin and Ethereum.

[Zed0X]

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.

[KingsDen]

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.

[Z-tight]

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.

[Zed0X]

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.

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.