The approval of spot market Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) could reportedly happen in Hong Kong as early as next week
According to a new report by Bloomberg, anonymous people familiar with the matter say that two companies – Chinese asset manager Harvest Fund Management as well as a partnership between Bosera Asset Management and HashKey Capital – are expected to get both BTC and ETH ETFs approved by regulators.
The sources told Bloomberg that Hong Kong’s Securities and Futures Commission (SFC) could approve the ETFs for the firms as soon as Monday and that the products could launch by the end of the month.
Earlier this week, reports surfaced that Harvest Fund Management was in line to get permission to launch a spot market BTC ETF while the SFC granted Harvest and China Asset Management clearance to provide crypto management services on April 9, according to the report.
Spot market ETFs in the US were approved by the U.S. Securities and Exchange Commission (SEC) in January after a court ruled that the regulatory agency must reconsider its stance on such products to remain consistent.
The court found that since the SEC had previously approved futures BTC ETFs, it wouldn’t make sense to disapprove of spot market ones. The data reveals that BTC saw tens of billions of dollars worth of inflow after the launch of the spot ETFs.
According to Bloomberg, regulators in Hong Kong have already greenlit the launch of futures-based digital asset ETFs, such as CSOP Bitcoin Futures, CSOP Ether Futures and Samsung Bitcoin Futures, which together have $170 million worth of combined assets.
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Featured Image: Shutterstock/Don White – Art Dreamer/Vladimir Sazonov
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