Hong Kong Regulators Approve Launch of Spot Bitcoin and Ether Exchange-Traded Funds (ETFs)!
Despite the current volatility in the crypto market, yesterday will be a day to remember. Despite this volatile market, Hong Kong regulators have approved the launch of spot bitcoin and ether. Yesterday the country's regulators approved the launch of spot bitcoin and ether. We know there was a lot of talk earlier this year about the approval of spot bitcoin ETFs by the US. Which got Spot Bitcoin ETF approval by the US earlier this year. Earlier this year, exchange-traded funds (ETFs), asset managers said, followed U.S. moves this year to bring these products to market.
The price of Bitcoin has become quite unsustainable at the moment. Even yesterday, the price of Bitcoin increased slightly, but suddenly the price of Bitcoin has come down. ET was trading about 3% higher in the morning after a rough sell-off over the weekend However, three ETF providers were approved by Hong Kong's Securities and Futures Commission (SFC) yesterday. As a result, it will add a new dimension to the crypto market. Because we know these digital currencies are strictly prohibited in China. There may be additional benefits for Chinese citizens since Hong Kong approval.
It claims to have received regulatory approval for its provision of virtual asset management services. This is what ChinaAMC has claimed. It also said it is actively putting resources into developing a spot bitcoin and ether ETF. Besides adding new dimensions it will even be a parent for OSL Digital Securities ChinaAMC.
Hong Kong SFC Approval for Bitcoin and Ether ETFs. Although these asset managers have received the green light for ETFs. Despite getting the green light, they haven't launched them yet. We know that crypto trading is effectively banned in China. Hong Kong's approval of spot Bitcoin and Ether ETFs, despite being banned in China, will mark a new beginning. Mainland after a massive crackdown on the sector in 2021 from the last three years. However, Hong Kong's current move is one of the most important as it slowly tries to make itself a regulated crypto hub. And with that the country is bracing itself to compete with places like Dubai and Singapore. But another important point is that even if spot bitcoin and ether ETFs are approved in the country, it is unclear whether mainland Chinese investors will be allowed to invest in cryptocurrencies through ETFs.
Spot Bitcoin and Ether ETFs become important because they allow an investor to be exposed to asset price movements without owning the underlying cryptocurrency. They become even more important as they allow more traditional investors to enter the crypto market. But it's also important to note that while spot bitcoin ETFs have been approved by the US Securities and Exchange Commission, Hong Kong will be one of the first places in the world to approve ether ETFs.
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This is really good news. I personally think every country should do this. Nice presentation. thank you
I already know this news and I am very happy to know, because now such Good News Crypto Currency needs to come, thanks for sharing this important news with us.
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This Hong Kong approval for the ETF it's such a big news and I believe that in the long run it is going to add more value because it will bring more money inflow in the crypto and that is what going to make these assets more valuable.