Hong Kong exchange HashKey has finalized preparations for the launch of spot BTC ETFs
Media reports that bitcoin funds trading could open as early as next week
12.04.2024 - 13:02
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What’s new? Hong Kong crypto exchange HashKey has finalized the infrastructure for spot bitcoin exchange-traded funds (ETFs), which could launch on the local market as early as next week. HashKey CEO Livio Weng said the platform will offer issuers all the basic services related to trading and custody of the underlying asset.
What else is known? HashKey has been operating steadily for more than a year, with 2,2 billion Hong Kong dollars ($280,7 million) worth of assets in custody on the platform. Weng noted that potential issuers have been working with HashKey to develop their products, but declined to say which specific investment firms they were referring to.
The fact that Hong Kong regulators may approve several bitcoin funds next week was earlier reported by Reuters, citing sources. According to the media reports, at least four companies have applied to launch ETFs, not only those based in Hong Kong but also in mainland China.
Unlike mainland China, where crypto transactions and mining are banned, licensed companies are allowed to offer retail crypto trading services in Hong Kong. And the local Securities and Futures Commission (SFC) opened accepting applications for BTC ETFs late last year.
Inactive BTC share for a year started to decline after the approval of BTC ETFs
The indicator has already reached an 18-month low
Hong Kong’s first licensed crypto exchange is HashKey. It is part of the HashKey Group, the valuation of which exceeded $1 billion following a recent funding round. The group, in addition to the exchange, includes investment and incubation divisions, as well as a tokenization platform and cloud service.
HashKey recently joined the EigenLayer restaking protocol as an operator, funded Singapore-based Web 3.0 infrastructure provider Polyhedra Network, announced the launch of its own Ethereum blockchain-based network, and launched a global crypto exchange, HashKey Global.
Earlier, Hong Kong authorities threatened Bybit and MEXC exchanges with enforcement measures, and began investigating Worldcoin.
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