China Fund News reporter Fang Li and Sun Xiaohui
In less than 4 months, Hong Kong's virtual asset business ushered in a historic moment!
On April 24, the official website of the Hong Kong Securities and Futures Commission officially announced the approved list of virtual asset spot ETFs, and the related products of ChinaAMC (Hong Kong), Harvest International and Bosera International were listed.
It is understood that the relevant approved products will be listed on the Hong Kong Stock Exchange at the end of April, which is also the first time that such products have been launched in the Asian market, and the Ether spot ETF products will be the first batch in the world.
It is worth mentioning that the launch of the world's first physical subscription and redemption mechanism for virtual asset spot ETFs has attracted wide attention from the market, which not only brings investors strong trading flexibility, but also provides global investors with the possibility of exploring new digital asset investment channels. With the launch of the Spot Crypto ETF, Hong Kong's position as an international financial centre and virtual asset hub has been further strengthened.
The virtual currency spot ETF was officially approved
Hong Kong virtual currency spot ETF products have finally officially landed!
On the evening of April 24, the official website of the Hong Kong Securities and Futures Commission officially released the approved list of virtual currency spot ETFs. ChinaAMC (Hong Kong), Harvest International, and Bosera International have applied for spot Bitcoin and spot Ether ETF products on the list.
Subsequently, the above-mentioned agencies also released relevant information.
ChinaAMC (Hong Kong) announced that ChinaAMC Bitcoin ETF and ChinaAMC Ether ETF have been approved by the Hong Kong Securities and Futures Commission (SFC) for issuance on April 29, 2024 and listing on the Hong Kong Stock Exchange on April 30, 2024. These will be the first Bitcoin spot ETFs in Asia and the first Ether spot ETFs in the world, both of which are designed to provide investment returns that closely correspond to the spot prices of Bitcoin and Ether (before fees and expenses).
On April 24, Bosera International announced that two virtual asset spot ETFs jointly applied with HashKey Capital Limited have been officially approved by the SFC. This historic approval not only provides a new investment option for Asian investors, but also marks a solid step forward in Hong Kong's journey to becoming an international virtual asset financial centre.
Bosera International and HashKey Capital will leverage their industry-leading expertise and ecosystem resources in traditional finance and virtual assets to jointly promote the issuance of Bitcoin and Ether spot ETFs, providing investors with a safe, compliant and convenient way to directly participate in the two mainstream virtual asset markets, Bitcoin and Ether.
In addition, Harvest International also announced that the Hong Kong Securities and Futures Commission has officially approved the Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF, which are expected to be officially listed for trading at the end of April. This not only marks the launch of the first batch of Bitcoin spot ETFs and Ether spot ETFs in Asia, but also represents the innovative realization of the two blue-chip cryptocurrencies with the subscription and redemption model of Bitcoin and Ether, providing global investors with a new way to invest in a regulated, transparent and efficient manner, opening a new chapter in the integration of digital assets and the traditional financial system.
The world's first in-kind redemption mechanism
Hong Kong's innovative mechanism for virtual asset spot ETFs has attracted wide attention.
Zhu Haokang, Head of Digital Asset Management and Family Wealth Management of ChinaAMC (Hong Kong), said that the issuance of spot Bitcoin and Ether ETFs in Asia provides retail and institutional investors with an excellent tool for safe, efficient and convenient allocation of digital assets.
Compared with physical cryptocurrencies, Hong Kong's spot crypto ETFs are recognized by regulators, listed on traditional exchanges, managed by professional fund companies, regulated by cooperative cryptocurrency exchanges, and have the world's first physical redemption mechanism, which is expected to attract crypto asset investors who convert physical cryptocurrencies into ETF products.
With the growing popularity of crypto ETFs in Hong Kong's institutional and retail markets, such products are expected to be warmly welcomed by the market.
According to Harvest International, the launch of Bitcoin spot ETFs and Ether spot ETFs offers a new way to invest in asset classes. As one of the first ETFs in Asia to be subscribed directly using the corresponding cryptocurrency, these products not only lower the barrier to entry, but also enhance investment flexibility and market transparency by providing physical subscription and redemption options.
In Harvest International's view, Bitcoin is often regarded as "digital gold", and Ether is the basic platform for smart contracts and decentralized applications, which is the core of blockchain technology. This model of directly using Bitcoin or Ether for subscription and redemption not only brings investors strong trading flexibility, but also provides global investors with the possibility to explore new digital asset investment channels, which is generally believed by market analysts to be able to attract more investors to participate.
In addition, the launch of the Harvest Bitcoin Spot ETF and the Harvest Ethereum Spot ETF aims to address the high operational barriers and management costs faced by investors in traditional digital currency investments. These standardized products, which will soon be listed on the Hong Kong Stock Exchange, improve the convenience of traditional stock market investors, allowing them to use their existing accounts to invest, while effectively reducing the technical problems and operational risks caused by investors managing their own wallets, keys, etc.
Hong Kong may become a pioneer in digital assets in Asia
It is widely believed that this historic approval not only provides a new investment option for Asian investors, but also marks a solid step forward in Hong Kong's path to establishing an international virtual asset financial center.
Bosera International said that the issuance of virtual asset spot ETFs not only provides investors with new asset allocation options, but also further consolidates Hong Kong's position as an international financial center and virtual asset hub.
"The approval of the virtual asset spot ETF and the innovative introduction of the crypto subscription mechanism (which allows investors to directly subscribe for shares of the corresponding ETF using Bitcoin and Ether) are expected to further promote the development of the virtual asset market in Hong Kong and the entire Asia, attract more global capital inflows, and stimulate the underlying vitality of the virtual asset market in Hong Kong. At the same time, it also demonstrates Hong Kong's openness and innovative spirit towards emerging financial sectors, and provides valuable experience for virtual asset regulation in other countries and regions. Bosera International said.
HashKey Capital also said that the Hong Kong regulator's approval of the listing of virtual asset spot ETFs has built a bridge for traditional institutions to allocate virtual assets, and greatly broadened the contact of mainstream investors and retail investors with virtual assets.
"In this regard, we would like to express our sincere gratitude to the Hong Kong regulators for their forward-looking and proactive and open-minded attitude. Today, the virtual asset management industry still has tremendous transformative potential, and we are proud to be an early participant in industry innovation. HashKey said.
Regarding the approval of the product, Han Tongli, Chief Executive Officer and Chief Investment Officer of Harvest International, believes that it not only reflects Hong Kong's institutional advantages as an international financial center, but also shows the region's forward-looking financial technology innovation.
Han Tongli said that the official approval of Harvest Bitcoin Spot ETF and Harvest Ether Spot ETF will enable Harvest International to provide investors with comprehensive management solutions for digital assets. This not only satisfies investors' demand for high-growth assets, but also enables them to directly participate in the investment opportunities brought about by the rapid development of blockchain and digital assets, and provides investors with another key to enter the future technology and AI world.
Through this product expansion, Harvest International will further lower the threshold for investors to enter the digital asset market, effectively respond to regulatory and custody challenges, and promote the circulation, popularization and investment security of crypto assets. These measures are expected to improve the financial ecosystem, increase its transparency and efficiency, and thereby enhance investor confidence.
Editor: Joey
Review: Xu Wen