Hong Kong’s Securities and Futures Commission recently approved Bitcoin Spot ETFs for several major asset managers, paving the way for the city to become a leading hub for such products.
The approval comes after months of anticipation and marks a significant milestone for the Bitcoin industry in Asia.
JUST IN: ðŸ‡ðŸ‡° Hong Kong spot #Bitcoin ETFs will begin trading on April 30: HashKey Capital
Asia is ready 🚀 pic.twitter.com/TDfNZTqPQU
— Bitcoin Magazine (@BitcoinMagazine) April 24, 2024
HashKey Capital, a local asset management firm, confirmed that its Bitcoin ETF will start trading next Tuesday. In a statement, a spokesman for the firm acknowledged the launch date, making it one of the first companies to offer a spot Bitcoin ETF in Hong Kong.
OSL, a digital asset platform that acts as a sub-custodian and infrastructure service provider for two major fund managers, has also indicated that spot bitcoin products aim to launch as early as late April. This news further solidifies Hong Kong’s position as a frontrunner in the race to offer investors access to Bitcoin through traditional financial instruments.
Elsewhere, some of China’s top asset managers are in the final leg of preparations for the spot Bitcoin ETFs to begin trading potentially by the end of April.
This development is expected to attract significant interest from investors within and outside Hong Kong.
According to predictions by Singapore-based crypto services provider Matrixport and Markus Thielen, founder of 10x Research, Hong Kong Spot Bitcoin ETFs could bring in and unlock up to $25 billion in new demand.
This influx of capital could have a profound impact on Bitcoin and further legitimize it as an asset class.
