Hong Kong financial regulators on Monday gave the green light to the launch of spot ETFs for Bitcoin and Ether. This news is of little help to the Bitcoin price. He rubs it off.
ChinaAMC, Harvest Global and Bosera International are the first three ETF providers to receive approval from the Hong Kong Securities and Futures Commission (SFC). “We have received regulatory approval to provide virtual asset management services and are actively devoting resources to developing a spot Bitcoin and Ether ETF,” a ChinaAMC spokesperson said. OSL Digital Securities will act as custodian for ChinaAMC’s funds.
Although approval has been granted, asset managers have not yet launched the ETFs. This comes against the backdrop of cryptocurrency trading being effectively banned in mainland China since a large-scale crackdown in 2021.
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