Spot market crypto exchange-traded funds (ETFs) will reportedly launch in Hong Kong next week.
According to a new report from Reuters, the three asset managers providing the products say Bitcoin (BTC) and Ethereum (ETH) ETFs should start trading by April 30 as they have already received approval from the Securities and Futures Commission (SFC). ).
According to the report, the companies providing the ETFs will be the Hong Kong branches of China Asset Management, Harvest Fund Management and Bosera Asset Management.
The trio of companies originally received approval from Hong Kong’s financial regulator earlier this month.
The adoption of the spot market ETFs in Hong Kong comes just three months after the US Securities and Exchange Commission (SEC) approved spot BTC ETFs, leading to billions of dollars in inflows into the top crypto assets by market capitalization.
Although the SEC eventually gave the green light to BTC ETFs in the spot market, it first rejected them several times over the years. Spot BTC ETFs were only approved after a judge ruled that the regulator must reconsider its position on the issue to remain consistent with its previous approval of futures BTC ETFs.
Previously, the SEC said it would delay its decision on whether to approve bids to create Ethereum ETFs in the spot market. That decision is now scheduled for sometime in May.
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