Hong kong is one of the china's leading market. And they have their own stock center and the variety of the financials that are apart from the mainland china. Think of it like say New yorks stock exchange is different from NASDAQ. So they have different regulations, control and govt monitoring on each of them.
So the hong kong's market has recently approved the ETF for the bitcoin. And today that approval resulted in the listings of the asset in market. Now there is a process going on for the ethereum asset in the upcoming approval.
Let's take a look at how the ETF in the crypto approval would be going for the hongkong and what is in the cards in the near future.
Hong kong has approved few of the first batch of the spot bitcoin ETF. And in that includes the bosera, hashkey and harvest global. This is just a first batch which means there would be more companies getting their application approved and listed. However I feel that as the market starts to respond they would be getting more applications too. You can get the reference here.
China has been bullish about the digital assets and also they want to bring the virtual assets into the hong kong's financial hub. Which goes to show that the bitcoin and ethereum spot etf are going to be playing a long term role and they would be taking measures to keep the market open for the consumers like USA has done with their approvals.
Currently the ethereum spot etf are not approved in the USA. And so there is a huge gap in the market for the financial firms around the world to tap into this gap. And they can make the changes to the ETFs. Hong kong wishes to tap into this market and they even gave that impression in the press.You can check this reference for that. This goes to show how much Hong kong wishes to be leading into this market.
USA has been taking the approach of cautious and through the regulation. Which kind of makes most of the crypto asset find it's ground before they can go centralized and also they would be less struggling and accepting the changes in the market like they do with the stock market. Financial firms are finding this new change in market interesting and adding the crypto into their funds as they get the ETF approvals.
Here is one interesting fact that hong kong being seperate from the mainland market. The investors cant invest at this point either. There is a program called southbound connect, but even that program won't be able to connect to the hong kong's stock market. You can read about the market connect here. Meanwhile there has been debate and drama going on in US side of twitter on this news as of now.
Eric balchunas has made the post on twitter stating some facts and explaining that it would at the most reach 500 million market considering they are not yet official. In possible few more weeks it is possible that there would be some takers in the dubai event. And in short that would bring them results for the close to the 25B market. However everything on twitter post is speculation. You can check out the post here.
Hong kong's Spot ETF market is getting a start with the Bitcoin SPOTs and in upcoming future there would be ethereum spot too. All of this would have an impact on the market which also impacts our investment too.
