Reports suggest that Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) could receive approval in Hong Kong as early as next week. According to anonymous sources familiar with the matter, Chinese asset manager Harvest Fund Management and a partnership between Bosera Asset Management and HashKey Capital are expected to have their BTC and ETH ETFs approved by regulators. The Hong Kong Securities and Futures Commission (SFC) may grant approval for the ETFs on Monday, and the products could be launched by the end of the month. Earlier this week, it was reported that Harvest Fund Management was set to receive permission to launch a spot market BTC ETF. The SFC had previously granted Harvest and China Asset Management clearance to provide crypto management services on April 9. Spot market ETFs in the US were approved by the Securities and Exchange Commission (SEC) in January, following a court ruling that the agency must reconsider its stance on such products. The court concluded that since the SEC had already approved futures BTC ETFs, it would be inconsistent to disapprove of spot market ones. BTC saw a significant influx of funds after the launch of spot ETFs. Hong Kong regulators have already given the green light to futures-based digital asset ETFs, including CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures, with a combined asset value of $170 million.
