Hong Kong’s regulatory authority has granted conditional approval to HashKey Capital and Bosera International for the launch of two spot cryptocurrency exchange-traded funds (ETFs), focusing on Bitcoin and Ethereum.
In a statement released on April 15th, HashKey expressed gratitude to the Hong Kong Securities and Futures Commission (SFC) for their forward-thinking approach, emphasizing the potential of these ETFs to facilitate traditional institutions’ entry into the virtual asset space.
The approval is poised to broaden the accessibility of cryptocurrencies to both mainstream and retail investors.
HashKey anticipates that the green light from regulators will not only catalyze the growth of the crypto market in Hong Kong and across Asia but also attract global funds to enhance market vitality.
However, specifics regarding the ETFs’ launch date remain undisclosed.
This regulatory milestone follows a trend set by the U.S. Securities and Exchange Commission (SEC), which sanctioned the first batch of spot Bitcoin ETFs in the United States three months earlier.
Currently, the top 10 spot Bitcoin ETFs manage a collective sum exceeding $55 billion, with the top three commanding over 85% of total assets under management.
The news of Hong Kong’s approval buoyed Bitcoin’s value by 1.6%, while Ethereum experienced a surge of over 3%, according to CoinMarketCap.