According to Bloomberg, which cited two people with knowledge of the situation, Hong Kong may authorize spot exchange-traded funds for ether (ETH) and bitcoin (BTC) as early as this coming Monday.
The items could be released by the end of the month if listing details are finalized with Hong Kong Exchanges & Clearing (HKEX) in a timely manner, according to the article.
The first to file for a spot bitcoin exchange-traded fund (ETF) was apparently Harvest Global Investments, a significant asset management company in China. A product by Bosera Asset Management (International) Co. and HashKey Capital may also be the first to receive approvals.
The approval timeline isn’t fixed and remains subject to last-minute changes, the people said.
Hong Kong’s approval of the ETF products is seen as one of the biggest market-moving events for cryptocurrencies and could establish Hong Kong as Asia’s leading digital asset hub.