We do the research, you get the alpha!
Get exclusive reports and key insights on airports, NFTs and more! Sign up for Alpha Reports now and step up your game!
Go to Alpha Reports
Hong Kong's securities regulator has granted conditional approval to certain areas of Bitcoin and Ethereum ETF applications.
In a statement on Monday morning, China Asset Management and Harvest Global Investments announced that their applications have been approved in principle by the Hong Kong Securities and Futures Commission (SFC). Harvest Global Investments subsequently withdrew its statement, presumably pending an official statement from the regulator.
Digital asset platform OSL has announced in separate press releases that it will serve as a “sub-custody partner” for China Asset Management and Harvest Global Investments ETFs.
Bosera Asset Management has announced that it has received conditional approval for an ETF application jointly managed with Hashkey Capital.
Patrick Pan, CEO of OSL, said in a statement that the appointment of China Asset Management as a subsidiary custodian demonstrates our commitment to expand digital asset investments in Hong Kong, reflecting the trend of prominent partnerships in the US market.
The news comes just months after the US Securities and Exchange Commission (SEC) approved Bitcoin ETF applications for a number of positions that have generated billions of dollars in revenue since their launch in January.
However, the US SEC has shown more reluctance to approve the Ethereum ETF, delaying the response to many applications. Meanwhile, the Ethereum Foundation revealed that it is being investigated by a “state authority”—which, while not confirmed to be a US regulator, has contributed to growing pessimism among analysts over the possibility of an Ethereum ETF being approved.
While mainland China has been on a years-long crackdown on cryptocurrencies, Hong Kong has embraced the sector and launched a virtual asset trading platform (VATP) licensing system in June 2023 to position itself as a crypto asset.
In August 2023, HashKey and OSL became the first crypto exchanges licensed to provide services to retail users in Hong Kong.
Stay on top of crypto news, get daily updates in your inbox.
