Hong Kong Officially Approves First Bitcoin and Ether ETFs for Trading on April 30th
Summary:
Hong Kong's financial regulator, the Securities and Futures Commission, has given official approval for the commencement of trading for the first set of Bitcoin and Ether exchange-traded funds (ETFs) on April 30. Among these approved are China Asset Management’s Bitcoin and Ether-based ETFs. This new development offers retail and institutional investors a safer method of investing in cryptocurrencies under a regulated framework.
Trading of the inaugural set of Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong has officially been greenlit to commence on April 30th. On April 24, the city's financial watchdog, the Securities and Futures Commission (SFC), announced its approval for these first Bitcoin and Ether ETFs according to a report shared with Cointelegraph. China Asset Management’s (ChinaAMC) Bitcoin and Ether-based ETFs are among those approved in this initial round and are set to begin trading on April 30. These ETFs are designed to provide both retail and institutional investors a safer and simpler method of investing in the underlying virtual assets within a governed framework, stated Thomas Zhu, ChinaAMC's digital asset and family office business head. According to his official statement, these professionally managed, regulated ETFs will also allow cryptocurrency holders to easily transition their holdings. Zhu anticipates strong demand due to the increasing use of ETFs in institutional asset allocation in Hong Kong. At present, over 205 ETFs have been given approval in Hong Kong, as per the financial regulatory body’s website. The list of approved ETFs in Hong Kong can be found on their homepage. In addition, Hong Kong has officially given its approval to its first Bitcoin and Ether ETFs. Further developments regarding this story will be shared as they unfold.
Published At
4/24/2024 3:23:25 PM
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