Bitcoin

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<ul>
 <li>Hong Kong’s CSOP announced the launch of Inverse Bitcoin ETFs on Monday.&nbsp;</li>
 <li>The Chinese capital has taken several measures to enhance its crypto sector.</li>
</ul>
Chinese capital Hong Kong announced the launch of a new ETF product on Monday. After its recent launch of spot Bitcoin and Ethereum ETFs, Hong Kong recently announced the launch of an inverse Bitcoin ETF. The capital, in the past few months, has been focusing on developing its cryptocurrency sector in terms of both integrations and regulations.&nbsp;
The China Southern Asset Management (CSOP) asset manager <a href="https://csop-pdf-bucket1.s3.ap-east-1.amazonaws.com/upload/pdf/875c3f10-0b14-4d53-9102-177b9eda7873.pdf" target="_blank" rel="noopener noreferrer nofollow">announced</a> the launch of the New ETF product. The ETF, CSOP Bitcoin Futures Daily (-1x) Inverse product is the first within the Asian-Pacific region. This ETF allows investors to profit from Bitcoin’s price declines.&nbsp;
The Inverse product will be listed on the capital’s stock exchange, HKSE, starting July 23. Additionally, CSOP, one of the leading ETF issuers in the region, saw notable success in its previous Bitcoin Futures ETF which was launched in 2022.
Ms. Ding Chen, CSOP’s CEO stated that:&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The first futures-based inverse bitcoin product listed in Hong Kong creates opportunities for investors to gain from downside movements in bitcoin.”
</blockquote>
Moreover, the Bitcoin Futures Daily (-1x) Inverse product will aim to provide investors with benefit from the one-time inverse daily performance of the ‘S&amp;P Bitcoin Futures Index’. This is done by investing directly into the spot-exchange Bitcoin Futures of the Chicago Mercantile Exchange (CME).&nbsp;
<h3 class="wp-block-heading" id="h-how-is-hong-kong-advancing-its-crypto-sector-nbsp">How is Hong Kong Advancing its Crypto Sector?&nbsp;</h3>
The H1 2024 saw several advancements in the Chinese capital, particularly in the cryptocurrency sector. One notable milestone was the launch of spot BTC and ETH ETFs towards the end of April. The ETFs briefly surpassed the US Bitcoin ETFs at the beginning of May.&nbsp;
Additionally, Hong Kong also <a href="https://thenewscrypto.com/hong-kong-announces-the-launch-of-e-cny-wallet-for-local-users/" target="_blank" rel="noopener noreferrer nofollow">launched</a> e-CNY wallets in May, advancing towards the usage and launch of the Digital Yuan. Relatedly, the capital also launched a software to track the crypto-asset tax reports.&nbsp;
Recently, the capital’s regulatory body, the Securities &amp; Futures Commission (<a href="https://www.sfc.hk/en/" target="_blank" rel="noopener noreferrer nofollow">SFC</a>), imposed <a href="https://thenewscrypto.com/strict-crypto-exchange-licensing-in-hong-kong-raises-investor-concerns/" target="_blank" rel="noopener noreferrer nofollow">regulations</a> for crypto exchanges in June. Relatedly, the Hong Kong government is presently developing regulations for stablecoin issuers.&nbsp;
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Hong Kong Hits New Milestone with Bitcoin Inverse ETF Launch

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