Hong Kong regulators are on the verge of approving the launch of Bitcoin and Ethereum ETFs, making it the first country in Asia to offer these investment options. According to Bloomberg, the announcement could come as early as April 15. Harvest Fund Management Co. from China and a joint venture between Bosera Asset Management (International) Co. and HashKey Capital are expected to be among the first recipients of approval for spot crypto ETFs. The final checks are currently underway.

Both asset management firms are gearing up to introduce their ETFs by the end of this month, pending final approvals from the Securities and Futures Commission (SFC) and finalizing listing arrangements with Hong Kong Exchanges & Clearing Ltd.

Last week, the SFC granted authorization to Harvest and China Asset Management to manage funds related to virtual assets. The launch of spot Bitcoin ETFs in the U.S. in January has had a significant impact on revitalizing crypto markets this year. The potential entry of Hong Kong into this financial product space could have a similar effect.

Since the SEC’s approval in January, spot Bitcoin ETFs have attracted over $59 billion in total assets, contributing to Bitcoin reaching a new all-time high in March. Hong Kong’s approval of ETFs could also have a substantial impact on the Bitcoin and Ethereum markets in Asia.

In May, the London Stock Exchange may introduce Bitcoin and Ethereum exchange-traded notes (ETNs), which operate similarly to ETFs. These approvals would make it easier for institutional investors to gain exposure to cryptocurrencies without the complexities of purchasing, storing, and securing them directly.

Post Views: 3