The first BTC spot Exchange Traded Fund (ETF) in Hong Kong is been said to be undergoing approval. And it is envisaged that by next week, there will be a public statement about its approval.
Two companies are topping the competition for the approval of the first BTC spot ETF, and they are the Bosera Asset Management, and the Harvest Fund Management - both of which are part of China Asset Management in Hong Kong.
This would be a remarkable progress in the adoption of cryptocurrency and overall acceptance of cryptocurrency in Hong Kong. By this acceptance of cryptocurrency, there will be more new opportunities in investment, for investors in this region.
But at the moment, the precise timeline for this approval hasn't been fixed. And the timeline when the BTC spot EFT will be launched hasn't been announced. The regulatory bodies in Hong Kong, would have to decide first. Because of how volatile cryptocurrencies tend to be, the process of approval is anticipated to be very thorough.
This is a great news and I strongly believe it will actually help the bitcoin space as time goes on. If this can be improved couple with the bitcoin halving, it will help the crypto space
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