Hong Kong Approves Spot Bitcoin and Ethereum ETFs

Hong Kong has approved spot Bitcoin and Ethereum exchange-traded fund (ETF) applications by various companies. China Asset Management, a China-based asset management firm, announced that its Hong Kong branch has received the necessary approvals from the Securities and Futures Commission to establish cryptocurrency-based ETFs. The company will collaborate with OSL and BOCI International to establish spot Bitcoin and Ethereum ETFs.

At the same time, another asset management firm, Harvest Global Investments, also received regulatory approvals for two ETFs that will offer spot cryptocurrency investments. On the other hand, Bosera Asset Management, a Chinese asset management firm, partnered with HashKey Capital to obtain conditional approval for two ETFs.

According to Matrixport's analysis, these ETFs, which will be established in Hong Kong, have the potential to attract a total demand of $25 billion when they are launched. These developments could strengthen Hong Kong's position in the cryptocurrency markets and contribute to its progress towards becoming an important financial center in the region.