Hong Kong Approves Bitcoin Ether Spot ETFs Indian Web3 Community Laud Decision Heres All Details

Hong Kong has given the green light to the trading of Bitcoin and Ether spot exchange-traded funds (ETFs). The move will give Hong Kong traders the opportunity to invest in Bitcoin (BTC) and Ether (ETH) through traditional stock markets. This eliminates the need for traders to enter the ecosystem of crypto exchanges just to engage with assets like BTC and ETH. Many members of India’s crypto community have praised Hong Kong’s ‘historic’ decision.

The Hong Kong unit of Bosera Asset Management and China Asset Management has received regulatory approval to offer spot EFT for BTC and ETH. On Monday, April 14, a Nikkei Asia Report It said final approval was signed by the Hong Kong Securities and Futures Commission (SFC). Spot ETFs track the current price of the object and allow traders to gain exposure to the current price of BTC without having to buy and hold the asset.

Hong Kong is now the first territory in Asia to officially legalize cryptocurrencies as a significant investment tool. This step will also reduce traders’ dependence on America’s investment service.

With this move, Hong Kong becomes the second global location to approve engagement with crypto ETFs for traders. this year In January, the US approved 11 BTC ETFs, a historic development for the crypto sector. The US-listed ETF reportedly traded shares worth $4.6 billion (about Rs 38,065 crore) in the first 24 hours.

In India, Web3 community members lauded Hong Kong for setting an example for other Asian countries to expand experiments and trials with crypto assets.