Hong Kong Bitcoin ETF Now Approved
Posted: Apr 15, 2024
- Hong Kong has approved its first spot Bitcoin and Ethereum exchange traded funds (ETFs) - This move brings cryptocurrencies closer to mainstream investment tools - Three offshore Chinese asset managers will launch virtual asset spot ETFs soon - Harvest Fund Management, Bosera Asset Management, and China Asset Management received conditional approvals from the Hong Kong Securities and Futures Commission - The ETFs will introduce an "in-kind" subscription mechanism, allowing investors to buy into ETF shares using Bitcoin or Ethereum directly - Chinese financial institutions are keen to participate in crypto asset development in Hong Kong - Bitcoin has gained more than 50% this year and hit an all-time high of $73,803 in March.
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