Hong Kong to Trade Bitcoin and Ethereum Spot ETFs Starting from the 30th

Starting from the 30th, Hong Kong will begin trading cryptocurrency Bitcoin and Ethereum spot exchange-traded funds (ETFs).

According to major foreign media on the 25th, three asset management companies that received approval for cryptocurrency spot ETFs from the Hong Kong Securities and Futures Commission stated, "We are preparing the products with the goal of starting trading on April 30."

On the 15th, the Hong Kong Securities and Futures Commission allowed three entities to launch cryptocurrency spot ETFs: ChinaAMC, China's largest asset management company, Harvest Fund Management, and a joint institution of Bosera Asset Management and HashKey Capital.

As a result, Hong Kong will become the first market in Asia to trade cryptocurrency spot ETFs. In particular, the Ethereum ETF is the world's first launch.

Hong Kong has been competing with Singapore, Dubai, and others for the position of cryptocurrency hub. While mainland China bans cryptocurrency trading, Hong Kong is pursuing a strategy to solidify its position as a financial center. Foreign media expect that with this ETF launch, Hong Kong's status as a cryptocurrency hub will be strengthened. Rebecca Shin, an ETF analyst at Bloomberg Intelligence, estimated that the fund could gather $1 billion in assets under management over two years.

However, some voices say it is difficult to expect effects similar to the launch of cryptocurrency spot ETFs in the United States. Roger Lee, co-founder of One Satoshi, evaluated that "Hong Kong does not have the 'BlackRock' effect." Hong Kong ETF issuers lack recognition compared to global-scale asset management companies like BlackRock and Fidelity.

Nevertheless, market interest appears to be high. Marco Lim of cryptocurrency hedge fund My Capital said, "We are receiving many inquiries about the Hong Kong ETF from Bitcoin holders."