Crypto exchange-traded funds (ETFs) based on the spot market are reportedly preparing to launch in Hong Kong next week. According to a Reuters report, three asset managers – China Asset Management, Harvest Fund Management, and Bosera Asset Management – have received regulatory approval from the Securities and Futures Commission (SFC) and expect Bitcoin (BTC) and Ethereum (ETH) ETFs to start trading by April 30th. This development in Hong Kong follows the approval of spot BTC ETFs by the U.S. Securities and Exchange Commission (SEC) three months ago, which resulted in significant investments in the top crypto asset. The SEC had initially rejected spot BTC ETFs in the past but ultimately approved them after a judge ruled that the agency must reconsider its stance to align with its previous approval of futures BTC ETFs. The SEC’s decision on spot market Ethereum ETFs has been postponed until May.
