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The Hong Kong Securities and Futures Commission (SFC) has officially approved several spot Bitcoin and Ethereum exchange-traded funds (ETFs), a decision that marks a significant development in the region’s burgeoning crypto market. These approvals were granted to prominent asset managers including China Asset Management, Bosera Capital, and HashKey Capital Limited, alongside an in-principle approval for Harvest Global Investments. Hong Kong’s SFC Approves Bitcoin And ETH ETFs China Asset Management’s Hong Kong unit, as detailed in their press release, has received SFC approval to launch spot Bitcoin and Ethereum ETFs. This initiative is part of a collaboration with OSL Digital Securities Limited and BOCI International, aiming to provide retail asset management services with direct cryptocurrency subscriptions. Similarly, Bosera Asset Management and HashKey Capital have announced that they have received conditional approval from the SFC for their own spot crypto ETFs. These products, named the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, will allow investors to directly use Bitcoin and Ethereum to subscribe for ETF shares, as stated in their press release. Related Reading: Bitcoin To $100,000: Can Hong Kong’s Spot ETFs Make It Happen? Harvest Global Investments has also been spotlighted with the SFC’s in-principle nod for two major digital asset spot ETFs. According to their press release, Mr. Tongli Han, CEO and CIO of Harvest Global Investments, remarked, “This in-principle approval for Harvest Global Investments’ products in two major digital asset spot ETFs not only underscores Hong Kong’s competitive edge in the digital asset space, but also demonstrates our unrelenting pursuit of promoting innovation in the industry and meeting diversified investor needs.” These ETFs are set to be launched through a partnership with OSL Digital Securities, the first digital asset platform licensed and insured by the SFC, highlighting a significant stride in addressing common market challenges such as excessive margin requirements and price premiums. Related Reading: Bitcoin Stays Sub $70,000 As Hong Kong Readies April-End ETF Launch The press release from Bosera and HashKey highlights that the introduction of these virtual asset spot ETFs will not only provide new asset allocation opportunities but also reinforce Hong Kong’s status as an international financial center and a hub for virtual assets. This move is aligned with the city’s strategic push to establish itself as a regional leader in financial innovation, particularly in the digital asset sector. The approvals are indicative of Hong Kong’s progressive regulatory framework which aims to integrate digital assets within its financial ecosystem safely and securely. The establishment of these ETFs is expected to provide a regulated, innovative investment avenue for both retail and institutional investors in the region. While there is not as much hype as there is around US ETFs, some analysts believe the impact could be similar. These approvals come on the heels of rumors last Friday about the potential approval of these ETFs. The market had been abuzz with speculations, and today’s confirmation has provided the Bitcoin and ETH prices with a much needed boost. BTC is up 2.2% since the announcement, surpassing the $66,000 mark. The approved ETFs are reportedly set to launch by the end of April. At press time, BTC traded at $66,535. Featured image created with DALL·E, chart from TradingView.com