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Hong Kong’s SFC Approves Spot Bitcoin And Ethereum ETFs Ahead Of Halving

Author

Rickie Sanchez

Tags

Tags Editor's Choice

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice

Category

News

Reading time

2 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice

Reading time

2 mins
Last update


hong kong bitcoin and ethereum etf

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Key Takeaways

  • Hong Kong has approved two spot crypto exchange-traded funds (ETF) based on Bitcoin and Ethereum, marking its entry into the crypto ETFs market.
  • The Hong Kong Securities and Futures Commission (SFC) has granted approval for spot Bitcoin and Ethereum ETFs, with several fund managers, including China Asset Management and Harvest Fund, receiving either full or conditional approval.
  • The SFC’s decision coincides with Bitcoin’s upcoming fourth halving, expected around April 20th.

According to WatchGuru’s post on X, on Tuesday, April 15th, Hong Kong granted approval for its inaugural spot Bitcoin and Ethereum exchange-traded fund (ETF).

This approval comes after the US became the first major market to launch spot Bitcoin ETFs on January 10th, which has already attracted significant investment of around $12 billion.

Hong Kong Enters The Crypto ETF Markets

Hong Kong is taking action to avoid falling behind the success of spot Bitcoin ETFs in the United States. China’s Special Administrative Region (SAR) has surpassed its Western counterparts by greenlighting two spot crypto ETFs centered on Bitcoin (BTC) and Ethereum (ETH).

SFC’s Approval On Spot Bitcoin And Ether ETFs

Following approval by the Hong Kong Securities and Futures Commission (SFC), the Hong Kong unit of Bosera Asset Management and China Asset Management confirmed plans to launch their respective ETFs.

Furthermore, another major Chinese fund manager, Harvest Fund, also confirmed achieving the same milestone.

Bitcoin Halving In Five Days

The significant ruling by the SFC arrives at a particularly advantageous moment, coinciding with Bitcoin’s fourth halving expected around April 20th. This event is predetermined to halve Bitcoin mining rewards, reducing them from the current 6.25 BTC per block to 3.125 BTC post-halving.

Analysts believe this event will catalyze further price surges in Bitcoin and Ethereum, pushing Bitcoin beyond $100K and Ethereum above $4K by the end of this year.

Rickie Sanchez

About the Author

Rickie is a seasoned blockchain and cryptocurrency enthusiast with extensive experience dating back to late 2017. His crypto journey has taken him across the globe, where he has worked with clients from diverse backgrounds. Notable collaborations include ghostwriting for a media startup, contributing to a blockchain blog based in Zurich, managing a weekly newsletter for a client in Japan, and serving as a token review writer for a crypto blog headquartered in the Netherlands. He will not rest until every individual is empowered with the knowledge and insights needed to thrive in the crypto landscape.