Cryptocurrency
Hong Kong will launch ETFs for Bitcoin and Ethereum on April 30
Hong Kong is scheduled to introduce its first spot Ethereum and Bitcoin exchange-traded funds (ETFs) on April 30 after receiving approval from the Securities and Futures Commission (SFC).
To attract both retail and institutional investors, these exchange-traded funds (ETFs), which are managed by Bosera-HashKey Capital and China Asset Management (ChinaAMC), will offer a regulated investment channel for cryptocurrencies.
An approach not currently employed in the US, the ETFs’ in-kind creation model will enable the direct exchange of cryptocurrency for ETF shares.
Hong Kong’s decision to launch these ETFs is a calculated attempt to maintain its position as a global leader in digital assets and to take advantage of the growing interest in cryptocurrency investments.
It comes after spot Bitcoin ETFs were approved and introduced in the United States, the largest economy in the world, setting off a record-breaking price surge for cryptocurrencies.
Since the ETFs were introduced in the United States in January, the price of bitcoin has risen to a new all-time high of US$73,737.
At 1:30 PM ET, it was trading at US$65,044, down 2.5% for the day. Ethereum is down 1.4% at $3,182 US, based on data from CoinGecko.
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