Australia to launch Spots Bitcoin ETFs by the end of 2024
April 29, 2024 141 Views
By the end of 2024, Australia is set to approve multiple spot Bitcoin exchange-traded funds…
Hong Kong Crypto ETFs were live today
On its path of becoming a premier center in virtual asset investment, Hong Kong reached a major milestone when the continent’s first spot Bitcoin and Ethereum ETFs went live on Tuesday. The achievement closely trails the approval of comparable ETFs in the United States, which then granted conventional investors easy and comfortable access to Bitcoin as part of their portfolio.
Hong Kong has three new managers that are offering crypto ETFs, including Bosera Funds, China Asset Management, and Harvest Global Investments. The two managers, China Asset Management and Harvest Global Investments, have launched spot Bitcoin and Ethereum ETFs, and they can be traded in Hong Kong and US dollars. ChinaAMC has made it possible to trade in Chinese yuan.
Also Read: Australia to launch Spots Bitcoin ETFs by the end of 2024
Hong Kong Crypto ETFs Show Price Increases in Early Trading
During the first 30 minutes of trading at Tuesday’s opening, the new ETFs saw a price increase, which ranged from 0.62% to 3.81%. Despite the forecasts that these funds in Hong Kong will not attract the same massive investments like in the US, these and upcoming events in other countries may encourage other states to approve cryptocurrency ETFs, which can support broader integration of digital assets.
Investors can achieve in-kind creation and redemption through approved dealers, which allows them to trade ETFs, using digital assets like Bitcoin and Ethereum instead of the US dollar. In this regard, Harvest Global Chief Executive Officer Han Tongli stated that in-kind trading in Hong Kong is a thunderbolt to the rival in the United States and represents the city as a prominent player in international finance.
He continued stating, “it seems like we’re competing in our city, but actually we’re facing giant fund managers in the U.S. market”. Furthermore, the city’s role as a digital asset hub in the region was additionally consolidated with regulatory actions. In fact, last December, the HKSFC unveiled it was “putting together to welcome applications from managers who plan to sell digital asset enterprise funds to the general public”.
Cristiano has worked as a freelance writer for several forex and crypto magazines in England.
Also, he's a forex trader since 2010, and a crypto investor.
Currently, he's based in Malta and work as crypto journalist.
