At least three companies have received the conditional approval from the SEC.
The details of these conditionally approved ETFs remain unclear.
Hong Kong’s Securities and Futures Commission has become the latest regulator to approve the first spot Bitcoin and Ethereum exchange-traded funds (ETFs). However, the approvals of at least three offshore Chinese asset managers remain conditional.
‘Conditional’ Approval Crypto ETFs
Although the regulator confirmed the conditional approval, it did not reveal any details of the ETFs. The regulatory conditions include fee payments, document filings, and approval of the Hong Kong Stock Exchange's listing, according to Reuters.
Crypto ETFs are listed on stock exchanges and can be traded from regular brokerage accounts without the need to create a crypto exchange account or use custodial services. These investment products lower the entry barrier and complexity of investment into cryptocurrencies.
Additionally, the Hong Kong unit of China Asset Management, which has been developing spot Bitcoin and Ether products, received approval to provide virtual asset management services.
“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 centre and a hub for virtual assets,” Bosera Asset Management stated.
The Rising Demand for Crypto
The conditional approval in Hong Kong followed approximately three months after the US Securities and Exchange Commission approved 11 Bitcoin ETFs in one go. These approvals ensued from prolonged efforts by several companies over the years. However, the US did not approve any Ether ETFs despite the application of multiple firms.
While the green light for Bitcoin ETFs in the US triggered a price surge of cryptocurrencies, the latest Hong Kong approval failed to do so. Bitcoin is trading below $63,000 apiece, as of press time, compared to its peak of about $74,000.
Other than the US and Hong Kong, spot Bitcoin ETFs are listed on the exchanges in eight additional jurisdictions, including Canada, Germany, Jersey, Switzerland, Australia and three more locations. However, those markets are small, and the demand for these crypto instruments remains low.
Hong Kong’s Securities and Futures Commission has become the latest regulator to approve the first spot Bitcoin and Ethereum exchange-traded funds (ETFs). However, the approvals of at least three offshore Chinese asset managers remain conditional.
‘Conditional’ Approval Crypto ETFs
Although the regulator confirmed the conditional approval, it did not reveal any details of the ETFs. The regulatory conditions include fee payments, document filings, and approval of the Hong Kong Stock Exchange's listing, according to Reuters.
Crypto ETFs are listed on stock exchanges and can be traded from regular brokerage accounts without the need to create a crypto exchange account or use custodial services. These investment products lower the entry barrier and complexity of investment into cryptocurrencies.
Additionally, the Hong Kong unit of China Asset Management, which has been developing spot Bitcoin and Ether products, received approval to provide virtual asset management services.
“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 centre and a hub for virtual assets,” Bosera Asset Management stated.
The Rising Demand for Crypto
The conditional approval in Hong Kong followed approximately three months after the US Securities and Exchange Commission approved 11 Bitcoin ETFs in one go. These approvals ensued from prolonged efforts by several companies over the years. However, the US did not approve any Ether ETFs despite the application of multiple firms.
While the green light for Bitcoin ETFs in the US triggered a price surge of cryptocurrencies, the latest Hong Kong approval failed to do so. Bitcoin is trading below $63,000 apiece, as of press time, compared to its peak of about $74,000.
Other than the US and Hong Kong, spot Bitcoin ETFs are listed on the exchanges in eight additional jurisdictions, including Canada, Germany, Jersey, Switzerland, Australia and three more locations. However, those markets are small, and the demand for these crypto instruments remains low.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Cross-Border Banking: Wirex Teams Up with OpenPayd for Virtual IBAN
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa