The past week began robustly as Bitcoin surpassed $66,000, marking a 3.02% growth within a day, primarily due to exciting developments in Hong Kong’s ETF (Exchange Traded Fund) program.
Amidst the buzz surrounding bitcoin and ethereum spot ETFs, Hong Kong has jumped on the bandwagon by giving the green light to several such funds on Monday.
Hong Kong Welcomes Spot Bitcoin, Ethereum ETFs
The recent development is part of the city-state’s persistent work to become a prominent cryptocurrency center in the area.
A notable asset management firm based in China, China Asset Management, has obtained approval from the Hong Kong Securities and Futures Commission (SFC) for its Hong Kong branch to provide retail investors with access to crypto ETFs linked to the spot market. The company plans to collaborate with OSL and BOCI International to introduce Bitcoin and Ethereum spot ETFs in the near future.
Harvest Global Investments announced that its two cryptocurrency exchange-traded funds (ETFs) have gained preliminary acceptance from the Securities and Futures Commission (SFC). To tackle issues like excessive margin demands, Harvest has teamed up with OSL to introduce these ETFs in the market.
The Hong Kong regulatory authority has given its approval for Bosera Asset Management, a Hong Kong subsidiary of a large Chinese asset management firm, and HashKey Capital to collaborate in managing two cryptocurrency exchange-traded funds (ETFs) in Hong Kong.
The Bitcoin community is even more excited about the upcoming halving event as the Securities and Futures Commission (SFC) has given its approval just days before this significant event.
Hong Kong’s Crypto Ambitions
Hong Kong is vigorously striving to establish itself as a prime location for cryptocurrency businesses, going head-to-head with Singapore and Dubai. In June 2023, the city-state implemented regulations specifically for providers of virtual assets. Since then, HashKey Group and OSL Digital Securities have received approval from the authorities to operate their platforms in Hong Kong.
Although there was a significant hurdle in the form of the illegal crypto platform JPEX, which led to approximately HK$1.6 billion ($200 million) worth of fraud last year, the authorities remain dedicated to welcoming cryptocurrency innovators.
The Crypto Market Recovers
Over the weekend, Bitcoin’s price and the cryptocurrency market in general experienced significant downturns. Nevertheless, the announcement of Hong Kong granting approval for spot Bitcoin and Ethereum Exchange Traded Funds (ETFs) has sparked a rally among industries, leading to a recovery.
BTC increased by 3.1% in the past 24 hours, while ETH is up by almost 6%.
Additionally, many other cryptocurrencies besides Solana are experiencing gains. Notably, Solana has risen by 7.4% in value. This uptick could be connected to the recent release of an update from its development team aimed at addressing network congestion issues.
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2024-04-15 11:22