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On Monday, Hong Kong greenlit several spot bitcoin and ether exchange-traded funds, further solidifying its pursuit to emerge as a prominent <a href="https://cryptoticker.io/en/en/token">crypto</a> hub in the region.
<h2 id="strong-hong-kong-approves-several-etfs-strong">Hong Kong Approves Several ETFs</h2>
China Asset Management, a prominent Chinese asset manager, disclosed that its Hong Kong branch received preliminary approval from the Hong Kong Securities and Futures Commission to provide retail asset management services linked to spot crypto ETFs. Collaborating with OSL and BOCI International, it intends to roll out spot <a href="https://cryptoticker.io/en/token/BTC">bitcoin </a>and ether ETFs. OSL, in particular, will serve as the primary virtual asset trading and sub-custodian partner for China Asset Management's forthcoming ETF offerings.
Harvest Global Investments announced that its two<a href="https://cryptoticker.io/en/bitcoin-spot-etf-approval-today"> spot crypto ETFs</a> have received in-principle approval from the SFC, according to a statement from the firm. The ETFs will be launched in collaboration with OSL, aiming to address concerns such as high margin requirements effectively. OSL highlighted its role in providing a secure trading environment essential for the ETF operation, managing the underlying assets with precision and reliability.
Additionally, Bosera Asset Management, a Hong Kong-based unit of a major Chinese asset manager, along with HashKey Capital, informed The Block on Monday about receiving conditional approval from the regulator for two spot crypto ETFs managed jointly by them. However, details about the conditions of this approval were not immediately clarified by the pair.
<a href="https://www.theblock.co/post/288237/hong-kong-approves-first-batch-of-spot-bitcoin-ether-etfs-in-drive-to-become-crypto-hub">As reported</a>, Bosera and HashKey will collaborate to launch a spot bitcoin ETF named the Bosera HashKey ETF, along with a spot ether ETF known as the Bosera HashKey Ether ETF. These ETFs will enable investors to subscribe for shares using bitcoin and ether directly. However, they have not disclosed the launch timeline.
Bosera stated in a release, "The introduction of the Virtual Asset Spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong's status as an international financial center and a hub for virtual assets."
In contrast to China's broader crackdown on cryptocurrency trading and mining, Hong Kong has remained welcoming to crypto firms. Last year, Hong Kong initiated a crypto licensing regime for trading platforms in June 2023, permitting licensed exchanges to offer retail trading services. Two platforms, HashKey and OSL, have since been granted licenses by Hong Kong.

Hong Kong Approves First Bitcoin, Ether ETFs

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