Ruholamin Haqshanas Last updated: April 24, 2024 at 15:02 GMT+3 | 2 min read Hong Kong is gearing up to launch its much-anticipated spot?Bitcoin?and?Ethereum?exchange-traded funds (ETFs) by the end of April. According to a report from?Bloomberg, the Bosera-HashKey Capital spot ETFs?are scheduled?to begin trading on April 30. The Hong Kong Securities and Futures Commission (SFC) recently?granted approval to?several fund managers?to offer these ETFs?in a bid?to establish itself as a hub for digital assets by introducing a range of cryptocurrency ETFs. Chinese asset managers are also preparing for the introduction of spot Bitcoin and Ether ETFs, drawing comparisons to the highly successful three-month-old US Bitcoin funds that have amassed an impressive $56 billion in assets to date. Chinese Investors Might Show Interest in Hong Kong?s ETFs. Potential sources of demand for Hong Kong?s spot crypto ETFs include Chinese wealth invested in the city,?as well as?Asia-Pacific crypto exchanges and market makers. Bloomberg Intelligence ETF Analyst Rebecca Sin estimates?that these?funds could accumulate $1 billion in assets under management over the next two years. The US-based Bitcoin funds offered by major players like BlackRock Inc. and Fidelity Investments have sparked global interest and attracted significant investment. However, the prospective Hong Kong issuers, including Harvest Global Investments Ltd. and a partnership between?HashKey?Capital Ltd. and Bosera Asset Management (International) Co., may lack the same level of recognition. Roger Li, co-founder of One Satoshi, a Hong Kong-based chain of stores offering cash-to-crypto conversions, told Bloomberthat expectations for?ETF demand should be adjusted?considering the city?s smaller financial sector. The US Securities and Exchange Commission reluctantly allowed ETFs?investing?directly in Bitcoin earlier this year but remains skeptical of cryptocurrencies due to market volatility and past incidents of fraud. Approving ETFs for Ether, the second-largest digital asset, will likely present additional challenges. In contrast, Hong Kong has given initial approval for?spot-Bitcoin?and Ether ETFs, with the added distinction that the HashKey Capital and Bosera offerings will utilize an in-kind subscription and redemption mechanism. This mechanism allows for the direct exchange of... https://cryptonews.com/news/hong-kongs-spot-bitcoin-and-ethereum-etfs-to-begin-trading-on-april-30.htm #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #hongkong #hongkongnews #hongkongnewstoday #spotetfs #spotetfsnews #spotetfsnewstoday ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could?ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, rippleMore Info