Ethereum

Spot

BlackRock

A sudden rise has been recorded in crypto market activities in Hong Kong, regulators decided to launch Spot Ethereum ETFs before the US.
Process for Spot Ethereum (ETH) Exchange-Traded Funds (ETFs) has gained momentum in Hong Kong as the crypto market activity surged. Plans for introducing Bitcoin ETFs in Hong Kong by ten financial institutions raised the interest of individuals in digital asset investment. Considering the crypto market movement spike, the city launched spot ETH ETFs before the US.
<h2 class="wp-block-heading" id="strong-hong-kong-s-plan-for-etf-launch-strong">Hong Kong’s Plan For ETF Launch</h2>
On March 11, the regulatory authority of Hong Kong hinted that it might give a green light to Spot ETH ETFs after observing a positive movement in the crypto market. Applications from 10 financial organizations for Spot Bitcoin ETFs launch to the Hong Kong market seek the attention of individuals towards upcoming ETH ETFs.
Kelvin Wong, CEO of HashKey Exchange and COO of HashKey Group stated the same reason behind the spike in the current virtual asset trading platform.&nbsp;
Additionally, the news of the dela in the spot Ethereum ETFs decision in the United States is another reason for the push in the Hong Kong market. The Bitcoin ETF is mainly led by European and American organizations, suggesting a lack of interest in spot ETF products in Asia.&nbsp;
The Securities and <a href="https://www.thecoinrepublic.com/2022/03/23/heres-why-thailand-securities-and-exchange-commission-banned-crypto-transactions/" target="_blank" rel="noopener noreferrer nofollow">Exchange Commission</a> (SEC) announced its postponement of a decision on applications from BlackRock and Fidelity. Additionally, the approval for the ETH ETFs is expected to get approval by the end of May. Hong Kong regulations aim to capitalize on the delay. HashKey is operating with other partners to promote the listing of Hong Kong spot ETFs and derivative trading products.
Launching the products earlier than the US market will open an opportunity for Hong Kong City to transform from a follower into a cryptocurrency leader. In continuation to this, Harvest Fund Management, a China-based asset management firm, submitted a request for ETF approval with Hong Kong’s Securities and Futures Commission (SFC). The application was submitted in January 2024 and is anticipated to get approval within a span of a few months.
As of February 29, 2024, Hong Kong already stopped collecting license applications from cryptocurrency exchanges, and illegal exchanges will be shut down soon. According to SFC instructions, it is mandated that all unlicensed crypto exchanges must shut down by May 31, 2024.
<h3 class="wp-block-heading" id="strong-bitcoin-and-ethereum-etfs-strong">Bitcoin and Ethereum ETFs</h3>
Bitcoin ETFs are publicly traded securities that provide exposure to the price movements of BTC future contracts. It is a pool of Bitcoin-related digital assets provided on traditional exchanges to be traded as ETFs.
After several rejections, the SEC finally approved the first 11 BTC spot ETFs in January 2024. Greater convenience, higher liquidity, tax implications, and regulatory oversight are a few of the major advantages to investors.&nbsp;
The Spot ETH ETF is a financial product that is meant to track ETH prices, allowing individuals to buy and sell shares on stock exchanges. The deadline for the final approval is expected to be May 23. Accessibility, simplicity, higher liquidity, and diversification are some major benefits of Ethereum ETFs.

Spot Ethereum ETFs To Be Launched In Hong Kong Before The US

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Thecoinrepublic.com

2024년 3월 12일에 게재된 다른 기사

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