The Hong Kong Securities and Futures Commission recently approved Spot Bitcoin ETF for several large asset managers, paving the way for the city to become a leading hub for these products.
The approval comes after months of waiting and marks a significant milestone for the Bitcoin industry in Asia.
JUSTIN: ðŸ‡ðŸ‡° Spot from Hong Kong #Bitcoin ETFs will begin trading on April 30: HashKey Capital
Asia is ready 🚀 pic.twitter.com/TDfNZTqPQU
– Bitcoin Magazine (@BitcoinMagazine) April 24, 2024
HashKey Capital, a local asset management firm, has confirmed that its Bitcoin ETF will begin trading next Tuesday. In a statement, a company spokesperson acknowledged the launch date, making it one of the first companies to offer a spot Bitcoin ETF in Hong Kong.
OSL, a digital asset platform that acts as a sub-custodian and infrastructure service provider for two major fund managers, also indicated that spot Bitcoin products are expected to launch as soon as the end of April. This news further strengthens Hong Kong's position as a leader in the race to provide investors with access to Bitcoin through traditional financial instruments.
Elsewhere, some of China's major asset managers are in the final stages of preparations so that spot Bitcoin ETFs can begin trading by the end of April.
This development is expected to attract considerable interest from investors in and outside Hong Kong.
Hong Kong Spot Bitcoin ETFs could generate and unlock up to $25 billion in new demand, according to predictions from Singapore-based crypto service provider Matrixport and Markus Thielen, founder of 10x Research.
This influx of capital could have a profound impact on Bitcoin and further legitimize it as an asset class.