Today, Hong Kong's Financial Supervision Authority will decide whether Bitcoin and Ethereum ETFs can be launched. Approval would be incredibly bullish for both Bitcoin and Ethereum prices.
This means that large institutions regulated from China can pump huge amounts of money into cryptocurrency ETFs.
Two applicants for a Bitcoin ETF
Hong Kong's Securities and Futures Commission (SFC) is likely to approve spot ETFs that invest directly in Bitcoin and Ethereum today.
This is much faster than expected, and the approval would make Hong Kong the first city in Asia to introduce the popular ETFs.
Hong Kong has lost much of its power and financial standing due to restrictions imposed during the pandemic, the faltering Chinese economy, and Sino-American tensions. As a result, Hong Kong is committed to becoming more attractive for finance.
“The importance of Hong Kong ETFs is far-reaching because they can unlock new global investments and take cryptocurrency adoption to a new level,” says Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto asset manager.
The international arm of Chinese asset management company Harvest Fund Management Co. Bucera Asset Management (Global) Limited. HashKey Capital is among the first applicants. Both want approval to launch cryptocurrency ETFs.
Wait until the end of the month
Both companies Wait for acceptance By SFC and Hong Kong Exchanges & Clearing Ltd. If approved, it will take about two weeks before the ETFs are launched, so we will have to wait until the end of the month.
Of course this is subject to change, it is a cryptocurrency and will remain so. Everything, including regulation, can change quickly.
The expected approvals follow news earlier this week that Harvest was preparing to seek approval to launch a spot Bitcoin ETF in the region. On April 9, the SFC granted Harvest and China Asset Management permission to manage cryptocurrencies for clients.
The launch of spot bitcoin ETFs in the US on January 11 has sparked a rebound in cryptocurrency markets this year. The 11 ETFs have amassed nearly $59 billion in assets to date, pushing Bitcoin to a new all-time high of around $74,000 in mid-March.
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