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Hong Kong’s securities regulator has given conditional approval for plenty of spot Bitcoin and Ethereum ETF purposes.
In separate statements Monday morning, China Asset Administration and Harvest International Investments introduced the in-principle approval of their purposes by the Hong Kong Securities and Futures Fee (SFC). Harvest International Investments subsequently deleted its assertion, probably pending an official assertion from the regulator.
Digital asset platform OSL introduced in separate press releases that it could act because the “sub-custodian companion” for China Asset Administration and Harvest International Investments’ ETFs.
Bosera Asset Administration additionally reportedly introduced that it had acquired conditional approval for its ETF utility, which will likely be collectively managed with HashKey Capital.
In a press release, OSL CEO Patrick Pan stated that its appointment as sub-custodian to China Asset Administration, “demonstrates our dedication to advancing digital asset investments in Hong Kong, mirroring the development of respected partnerships seen within the U.S. market.”
The information comes simply months after the U.S. Securities and Alternate Fee (SEC) granted approval to a number of spot Bitcoin ETF purposes, which have seen billions of {dollars} in inflows since their launch in January.
Nonetheless, the U.S. SEC has proved extra reluctant to approve a spot Ethereum ETF, delaying its response to a number of purposes. In the meantime, the Ethereum Basis revealed that it’s being investigated by a “state authority”—which, whereas not confirmed to be a U.S. regulator, has contributed to a rising pessimism amongst analysts as to the probabilities of an Ethereum ETF being authorised.
Whereas the Chinese language mainland has engaged in a years-long crackdown on cryptocurrency, Hong Kong has embraced the sector, rolling out a Digital Asset Buying and selling Platform (VATP) licensing regime in June 2023 in a bid to place itself as a crypto hub.
In August 2023, HashKey and OSL grew to become the primary licensed crypto exchanges to supply providers to retail customers in Hong Kong.
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