Spot market crypto exchange-traded funds (ETFs) are reportedly set to launch in Hong Kong as soon as next week.
According to a new report by Reuters, the three asset managers who are providing the products say that Bitcoin (BTC) and Ethereum (ETH) ETFs should start trading by April 30th as they have already received regulatory approval from the Securities and Futures Commission (SFC).
[adinserter block="1"]The report says the companies providing the ETFs will be the Hong Kong branches of China Asset Management, Harvest Fund Management and Bosera Asset Management.
The trio of companies originally received approval by Hong Kong’s financial regulatory authority earlier this month.
Acceptance of the spot market ETFs in Hong Kong comes just three months after the U.S. Securities and Exchange Commission (SEC) approved spot BTC ETFs, leading to billions of dollars of inflows for the top crypto asset by market cap.
Though the SEC eventually ended up greenlighting spot market BTC ETFs, it first rejected them several times over the years. Spot BTC ETFs were only approved after a judge ruled that the regulatory agency must reconsider its stance on the matter to remain consistent with its previous approval of futures BTC ETFs.
Previously, the SEC said it would be delaying its decision on whether or not to approve bids to create spot market Ethereum ETFs. That decision is now slated for sometime in May.
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