[Alpha Biz= Reporter Paul Lee] Bitcoin and Ethereum spot ETF trading started in Hong Kong
Foreign media including the Financial Times (FT) reported that trading of Bitcoin and Ethereum Spot Exchange Traded Fund (ETF) began on the 30th in the Hong Kong stock market.
On the same day, the Hong Kong subsidiaries of China Asset Management (China Asset Management), Bossera Asset Management (Bosera Asset Management) and Harvest Fund Management (Harvest Fund Management) released a total of six ETFs, two Bitcoin and Etherium in-kind ETFs each.
Bitcoin spot ETF reported a return of about 3% and Ethereum spot ETF 0.4~1% during the day.
The Hong Kong Securities and Futures Commission earlier approved the launch of Bitcoin and Ethereum spot ETFs by three large Chinese asset management companies on the 24th. Hong Kong became the first Asian market to trade cryptocurrency spot ETF.
Mainland China has strict regulations on cryptocurrency-related transactions, but Hong Kong authorities are reportedly trying to become a hub for trading virtual assets.
In the case of Hong Kong's Bitcoin and Ethereum spot ETF, it is said to be different from the Bitcoin spot ETF of the New York Stock Exchange, which started trading earlier. Hong Kong Bitcoin and Ethereum Spot ETF, unlike in the United States, can trade ETF shares with related encryption tokens.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
