Hong Kong could soon welcome its first bitcoin and ether exchange-traded funds (ETFs) after several local companies announced they had received conditional approval from the SAR securities regulator on Monday.
According multiple media reportsThe companies include the Hong Kong branches of Harvest Global Investments and Bosera Asset Management, which said in now removed posts on social media that the Hong Kong Securities and Futures Commission (SFC) had given them the green light to engage in cryptocurrency transactions.
He WeChat Post However, China Asset Management's Hong Kong subsidiary remains active, and the company noted that the SFC had given it permission to provide virtual asset management services and that it was working to launch bitcoin and ether EFT-related products.
The SFC has yet to issue a formal statement to officially confirm the claims.
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The department responded to a Reuters query and said it approves ETF applications as long as they meet the stipulated terms and conditions. However, he did not make any specific mention of cryptocurrency trading.
The status of cryptocurrencies in Asia varies considerably: some countries, such as Japan, are open to their exchange and others, such as China, outright prohibit it. Although Hong Kong is a Chinese-owned territory, its semi-autonomous status means it operates a separate financial market.
When bitcoin and ether spot ETFs are established, Hong Kong will be the first Asian city to offer such products, following the approval of bitcoin ETFs in the US a few months earlier.
According ForbesThe cryptocurrency market is currently valued at $2.54 trillion.
