Hong Kong has reportedly approved its first spot bitcoin exchange-traded funds (ETFs), with multiple issuers announcing they received permission to launch Bitcoin ETFs.

China Asset Management, Bosera Capital and other applicants posted on social media that they got clearance to list spot Bitcoin ETFs in Hong Kong. However, the Securities and Futures Commission (SFC) has yet to release an official list of approved issuers.

According to the posts, the SFC greenlit China Asset Management to offer spot Bitcoin and Ether ETFs in partnership with OSL and BOCI International. Other approved issuers include Harvest Global Investments, HashKey Capital, and Bosera Asset Management.

The news mirrors the success of spot Bitcoin ETFs in the U.S., which launched in January and quickly attracted over $200 billion in trading volume. Hong Kong’s approval marks a milestone as Asia’s first jurisdiction to embrace spot Bitcoin ETFs.

The ETFs provide exposure to actual Bitcoin rather than derivatives, offering investors direct access to the assets. They also present a regulated investment vehicle that mitigates some of Bitcoin’s risks.

By approving the ETFs, Hong Kong cements its Bitcoin-friendly stance amid ongoing efforts to become a finance hub. The accessibly traded funds could stimulate significant retail and institutional demand.

However, an official SFC announcement remains pending. Some of the social media posts sharing the alleged approval have since been deleted. The opacity around permissions could contribute to market uncertainty in the near term.

Nonetheless, the reported approvals signal a willingness by Hong Kong’s regulators to meet surging investor appetite for Bitcoin. The ETFs‘ launch will mark a major milestone for Bitcoin adoption and maturity in Asia.

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