Hong Kong Will Approve First Bitcoin Spot ETF in April 2024

Liputan6.com, Jakarta Hong Kong will approve its first Bitcoin Spot ETF in April 2024, with the first approval likely to be announced next week. The timeframe would make Hong Kong the first city in Asia to offer an ETF, ahead of industry expectations for its launch this year.

Reporting from Yahoo Finance, Thursday (11/4/2024), after losing its glory as a global financial center due to restrictions during the pandemic, a weakening Chinese economy, and Sino-US tensions, Hong Kong authorities are trying to do what they can to increase the city's appeal this is in financial trading.

CEO of Metalpha, a Hong Kong-based crypto wealth management company, Adrian Wang said the importance of Hong Kong ETFs is vast because it can bring in new global investments as well as drive crypto adoption to a higher level.

US launch

The US launched the first Bitcoin Spot ETF in January 2024, attracting around USD 12 billion or the equivalent of IDR 190.1 trillion (assuming an exchange rate of IDR 15,844 per US dollar). net inflows, according to data from BitMEX Research.

Bitcoin has risen more than 60% this year and reached an all-time high of around USD 73,000 or the equivalent of IDR 1.15 billion in March.

At least four mainland Chinese and Hong Kong asset managers have applied to launch ETFs, the two sources said. The Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management are among the applicants.