Following the adoption of Bitcoin spot ETFs by the US on January 10, Hong Kong, which wants to become the crypto center of the Far East, has taken a similar step. Hong Kong, which is affiliated to China in foreign affairs but economically autonomous, has formally approved Ether spot ETFs as well as Bitcoin yesterday.

“Spot BTC ETF may start in late April”

In Hong Kong, which is seen as China’s door to the world in terms of crypto, ETF applications of major Chinese fund companies were also accepted.

Patrick Pan, CEO of OSL, which will provide infrastructure and custody services in Hong Kong for ChinaAMC and Harvest, spoke to the Chinese media. Stating that he thinks ETFs will be launched at the end of the month at the latest, Pan said:

“Reports suggest a spot  BTC ETF may start in late April, with a spot ETH ETF following shortly after,” he continued. “All parties are working expeditiously to complete the process. However, exact dates remain unconfirmed at this time. We view the recent approval in principle positively as it moves the industry closer to launching spot crypto ETFs,”

“Investment opportunity to a wider audience”

Katie He, CEO of the Hong Kong subsidiary of ChinaAMC, one of China’s largest fund management companies, also said she expects high demand for ETFs:

“Only professional investors in Hong Kong could have access to US-listed spot ETFs, so the introduction of spot products in Hong Kong really provides the investment opportunity to a wider audience.” she said.