Spot market crypto exchange-traded funds (ETFs) are reportedly set to launch in Hong Kong as soon as next week.
According to a new report by Reuters, the three asset managers who are providing the products say that Bitcoin (BTC) and Ethereum (ETH) ETFs should start trading by April 30th as they have already received regulatory approval from the Securities and Futures Commission (SFC).
The report says the companies providing the ETFs will be the Hong Kong branches of China Asset Management, Harvest Fund Management and Bosera Asset Management.
The trio of companies originally received approval by Hong Kong’s financial regulatory authority earlier this month.
Acceptance of the spot market ETFs in Hong Kong comes just three months after the U.S. Securities and Exchange Commission (SEC) approved spot BTC ETFs, leading to billions of dollars of inflows for the top crypto asset by market cap.
Though the SEC eventually ended up greenlighting spot market BTC ETFs, it first rejected them several times over the years. Spot BTC ETFs were only approved after a judge ruled that the regulatory agency must reconsider its stance on the matter to remain consistent with its previous approval of futures BTC ETFs.
Previously, the SEC said it would be delaying its decision on whether or not to approve bids to create spot market Ethereum ETFs. That decision is now slated for sometime in May.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sol Invictus/IvaFoto
Credit: Source link
