Hong Kong sets stage for cryptocurrency expansion with approval of new ETF

adminApril 15, 2024

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In a significant move to strengthen its position as a major cryptocurrency hub, Hong Kong this Monday approved a series of spot Bitcoin and Ethereum exchange-traded funds (ETFs). This decision is part of the region’s ongoing efforts to establish itself as a central player in the cryptocurrency space.

The Hong Kong Securities and Futures Commission has given preliminary approval to China Asset Management, a prominent Chinese asset management firm, to provide retail asset management services related to spot cryptocurrency ETFs. The company announced plans to issue these ETFs in collaboration with OSL and BOCI International, with OSL playing a pivotal role as “the first virtual asset trading and sub-custodian partner.”

In a related development, Harvest Global Investments has also received preliminary approval from the SFC for two spot cryptocurrency ETFs. OSL will partner with this venture to provide robust infrastructure that ensures safe trading and accurate asset management critical to ETF operations.

Additionally, Bosera Asset Management, another major asset manager in Hong Kong along with HashKey Capital, reported receiving conditional approval from regulators for the launch of two spot cryptocurrency ETFs. Details on the conditional aspect were not disclosed, but the partnership confirmed plans to introduce a spot Bitcoin ETF and a spot Ether ETF. This ETF is designed for direct subscription using Bitcoin and Ethereum.

Bosera highlighted the importance of these virtual asset spot ETFs, highlighting their role in providing new asset allocation options and strengthening Hong Kong’s position as an international financial center and a leading hub for virtual assets.

Hong Kong opened its doors to cryptocurrency companies last year, taking a different path from mainland China’s strict restrictions on cryptocurrency trading and mining. The city will launch a cryptocurrency licensing scheme in June 2023, allowing licensed platforms to offer retail trading services. Among the licensed entities are HashKey and OSL.

The SFC did not offer further comment, but industry leaders expressed optimism about the potential impact of the new ETF. Adrian Wang, CEO of Asia-based digital asset management firm Metalpha, said the upcoming spot Ether ETF could have significant leverage due to the limited options for exposure to Ethereum, unlike Bitcoin, which can also be accessed through related stocks such as mining companies. I believe there is.

Angela Ang, former regulator at the Monetary Authority of Singapore and now senior policy advisor at TRM Labs, commented on the timing and significance of Hong Kong’s approval of these ETFs. “Hong Kong’s proactive approach to approving these spot Ether ETFs ahead of a similar decision in the United States is an important milestone in Hong Kong’s aspirations to become a leading cryptocurrency hub,” she added. Ether ETFs may attract more investor attention due to fewer alternatives, she added. Investment opportunities in Ethereum.

Rising Through the Smog: The Latest Solana Memecoin Set to Make Waves in 2024

Last year saw the launch of numerous Solana-based meme coins, all of which achieved success by leveraging Solana’s reputable and inclusive ecosystem. Entering the arena this year, Smog is a unique addition to the Solana realm, aiming to refresh the platform’s narrative with captivating elements inspired by the mystical world of The Lord of the Rings.

$smog 🐉 | biggest #Solana #airdrop always! 🔥
Purchase, hold, and complete quests at: #jilly To qualify for the airdrop and climb the leaderboard! 🥇
🌐 20K+ Zealy participants
👥 96.71K+ owners
💰 $145.04M+ MC
✅ 1.9 million quests completed
🪂 There is an airdrop link in bio!🔗 pic.twitter.com/ztTNkdkv6V
— Smog_Token (@Smog__Token) March 13, 2024

Smog is distinguished by a bright-hearted green dragon symbol that contrasts with the more intense depiction of Smaug. Although the subject matter is comedy, Smog’s aspirations are high. The project’s official whitepaper famously called it “the one memecoin to rule them all.”

Since its recent launch on the Jupiter DEX, Smog’s market performance has been impressive, surging more than 15 times its initial value in just three hours. While Smog’s memecoin nature may appear to be the primary driver of Smog’s meteoric rise, the project’s strong fundamentals, especially its creative airdrop strategy, also play a significant role. Declared the best of its kind in the whitepaper, this airdrop allocates 35% of Smog’s 1.4 billion token supply to participants who take part in gamified tasks to earn points that determine their share of the airdrop.

The unique airdrop mechanism isn’t Smog’s only new feature. The cryptocurrency also introduced an ETH bridge to facilitate purchases using Ethereum, along with new utilities for staking and direct token purchases on the website. Smog’s multi-faceted approach is a key factor in establishing itself as a leading new memecoin on the market.

Despite the broader cryptocurrency market downturn, including a plunge in Bitcoin and corrections in other popular meme coins such as Pepe, BONK, Dogecoin, and DogWifHat, Smog has performed exceptionally, becoming one of the best-performing coins in March 2024. It is done. It boasts an incredible 110,000 holders. That’s before the initial phase of the million-dollar airdrop ends.

Those who missed out the first time still have a chance to participate in what is being billed as “the greatest Solana airdrop of all time.” Those interested can purchase $SMOG at a discounted price on the official website and participate in various tasks on Zealy to secure a lucrative airdrop spot before the deadline on April 3 at 1:00 PM (UTC).

Participants can frequently visit Zealy’s questboard to complete daily quests and community tasks to maximize potential airdrop revenue. To date, the Smog community has completed an impressive 7.5 million quests through the platform.

Moreover, the team’s recent teaser hints at an upcoming announcement regarding Smog’s listing on a centralized exchange (CEX), which is expected to have a significant impact on trading activity. These developments come as the project enters its second season and highlights improved on-chain transaction dynamics following Platform X’s latest announcement.

This overall strategy and active community engagement highlight the potential of Smog not only as a memecoin, but also as a crypto asset with strong fundamentals and a vibrant and growing user base.

You can visit the project here.

SMOG – Meme Coin with Rewards