en.bitcoinsistemi.com
Hong Kong's market regulator, the Securities and Futures Commission (SFC), has officially approved the first batch of cryptocurrency-related spot ETFs. This is a first for the city and could lead to further growth in the sector, enabling it to become Asia's leading digital asset hub.
The SFC on Tuesday approved spot-based Bitcoin and Ethereum ETFs by asset managers Harvest Global Investments, China Asset Management (ChinaAMC) and a consortium of Bosera Asset Management and HashKey Capital, according to the regulator's website.
Bloomberg Intelligence analyst Eric Balchunas says the funds could begin trading on April 30. He added that management fees were lower on average than previously expected.
James Seyffart, a senior ETF analyst at Bloomberg Intelligence, noted there is a “potential fee war” between issuers. Harvest is waiving all fees for the first six months. After the first period, it will charge 0.3% for both spot BTC and ETH funds, remaining below Bosera-HashKey funds' 0.6% and ChinaAMC's 0.99% management fees.
This approval comes three months after US regulators gave the green light to the first spot-based Bitcoin ETFs in that country.
*This is not investment advice.