Hong Kong approves first spot Bitcoin, Ether ETFs to become cryptocurrency hub
Hong Kong approved the applications of several spot Bitcoin and Ether exchange-traded funds on Monday as it continues its efforts to become a regional cryptocurrency hub.
China Asset Management, a leading Chinese asset manager, said its Hong Kong unit has received approval from the Hong Kong Securities and Futures Commission to provide retail asset management services related to spot cryptocurrency ETFs. We plan to collaborate with OSL and BOCI International to issue spot Bitcoin and Ether ETFs.
Harvest Global Investments’ two spot cryptocurrency ETFs have also received in-principle approval from the SFC. said From the statement. The two ETFs will be issued in collaboration with OSL, which could effectively address issues such as excessively high margin requirements, he added.
Bosera Asset Management and HashKey Capital, the Hong Kong affiliates of major Chinese asset managers, also told The Block on Monday that regulators would block two spot cryptocurrency ETFs that the two companies jointly manage. They said they had given conditional approval for the dog.
Bosera and HashKey told The Block that the two will work together to launch Bosera HashKey, a spot Bitcoin ETF. Bitcoin 
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There is an ETF and a spot ether ETF, Bosera HashKey Ether ETF. The two ETFs are expected to allow investors to subscribe to ETF shares directly using Bitcoin and Ethereum. They haven’t revealed a release date.
“The introduction of virtual asset spot ETFs not only provides new asset allocation opportunities for investors, but also strengthens Hong Kong’s status as an international financial center and virtual asset hub,” Bosera said in a statement.
In contrast to the widespread crackdown on cryptocurrency trading and mining in neighboring mainland China, Hong Kong rolled out a welcome mat for cryptocurrency companies last year. In June 2023, Hong Kong officially launched a cryptocurrency licensing regime for cryptocurrency trading platforms, allowing licensed exchanges to provide retail trading services. Hong Kong has licensed two platforms: HashKey and OSL.
Ether ETF
Adrian Wang, CEO of Asia-based digital asset management firm Metalpha, told The Block that an upcoming spot ether ETF could attract significant interest.
“I think 
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ETFs may be more influential and important compared to Bitcoin. Investors have the option to gain Bitcoin exposure in Bitcoin-related stocks such as mining companies, but there are no ETH-related stocks at the moment,” Wang said.
(Update: Added Wang’s comments and more details.)
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