Hong Kong could green light spot bitcoin and ether ETFs next week: Report

Hong Kong is reportedly looking to approve spot bitcoin and spot ether ETFs as soon as next week. 

Bloomberg first reported the news, citing sources familiar. 

HashKey is expected to be among the issuers who receive the green light, according to the report. 

HashKey announced on Thursday that it received an upgrade to its licensing conditions from Hong Kong ’s Securities and Futures Commission (SFC). 

“This approval paves the way for HashKey Capital Limited to manage virtual asset investment products that may be offered to retail investors, subject to securing the requisite product authorisations from the SFC,” HashKey said in a statement. 

Read more: Hong Kong releases crypto ETF requirements ahead of US approval

The company announced a partnership with Bosera International earlier this month, which would allow the two to launch the ETFs . The partnership is “aimed at driving innovation and fostering growth.” 

“Along with the recent license upgrade, the collaboration is expected to pave the way for innovative fund products, including spot ETFs, and new investment opportunities for retail investors,” HashKey said.

HashKey declined to comment on the report.

Another potential issuer is Harvest Fund Management’s international arm. 

Read more: The future of Web3 lies in the Asia-Pacific

If the SFC gives the firms the green light, then the ETFs could launch by the end of April, Bloomberg said.

In the US, the Securities and Exchange Commission approved spot bitcoin ETFs back in January . It hasn’t, however, given spot ether ETFs approval to launch yet. A decision is expected in late May, but Bloomberg’s ETF analysts have given the SEC low odds of approval for the slew of applications from firms like BlackRock and Ark 21Shares.

Don’t miss the next big story – join our  free daily newsletter .