Hong Kong SFC To Approve Bitcoin And Ethereum Spot ETF Applications

The Hong Kong Securities and Futures Commission (SFC) is reportedly poised to greenlight spot ETFs directly investing in Bitcoin and Ethereum as of this coming Monday, as per insider sources. CryptoWeekly previously reported how Chinese equity funds were chasing spot Bitcoin ETF approval via Hong Kong, and it looks like that goal is now turning into a reality.

Awaiting Approval

The international arm of Harvest Fund Management Co., namely Bosera Asset Management (International) Co., and HashKey Capital are anticipated issuers gaining SFC approval for these spot to crypto ETFs. Anonymity was requested by sources due to the non-public nature of this information.

In any case, both entities currently await SFC and Hong Kong Exchanges and Clearing Ltd. approval, aiming to finalize listing particulars and launch the ETFs by the end of the month. The schedule remains fluid, subject to potential last-minute adjustments.

A Resurgence

In related developments, HSBC recently released a statement regarding cryptocurrencies, affirming rigorous testing procedures. This approval expectation follows reports earlier this week of Harvest intending to pursue a spot Bitcoin ETF launch in the region. On April 9th, the SFC authorized Harvest and China Asset Management to offer virtual asset fund management services.

The US introduction of spot Bitcoin ETFs on January 11th triggered a crypto market resurgence this year. Collectively, these 11 ETFs have amassed nearly $59 billion in assets, propelling BTC prices to a record high of $73,798 in mid-March.