- Ten financial organizations want to introduce a spot Bitcoin ETF to the Hong Kong market.
- An aggressive strategy is in the works to launch a spot Ethereum ETF before the U.S.
Aims to launch spot Ethereum and Bitcoin ETFs were spurred by the growing cryptocurrency sector and the recent regulatory green light in Hong Kong. As applications for spot Bitcoin ETFs are coming in fast, there have been reports that Hong Kong might launch spot Ethereum ETFs before the U.S.
Ten financial organizations want to introduce a spot Bitcoin ETF to the Hong Kong market, and applications for this product are already being processed. According to local media on March 11, the sector is requesting that the approval of spot ETFs be expedited, particularly the spot Ethereum ETF.
Outpacing U.S Timeline
Bitcoin and other cryptocurrencies saw a surge in interest with the U.S approval of eleven spot Bitcoin ETFs. Total assets under management (AUM) topped $55 billion, while net inflow surpassed $9.5 billion. Even MicroStrategy, led by Michael Saylor, owns less bitcoin than the BlackRock Bitcoin ETF.
An aggressive strategy is in the works to launch a spot Ethereum ETF before the United States, while adoption is on the rise in Hong Kong thanks to regulatory backing. According to market analysts, BlackRock and Fidelity’s spot Ethereum ETF applications were recently postponed by the U.S. SEC. They are expecting approval by the end of May. As US-based Ethereum ETF investors become warier, Hong Kong is positioning itself to grab the lead.
Hong Kong has already stopped accepting license applications from crypto exchanges as of February 29, and all non-compliant trading platforms will soon be forced to shut operations locally. The Securities and Futures Commission (SFC) of Hong Kong has mandated that all unlicensed cryptocurrency exchanges in the region must shut down by May 31, 2024.
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