Spot Bitcoin ETF Will Be Present In Hong Kong In The Middle Of This Year

A crypto company from Hong Kong will offer Bitcoin ETF. (Photo; Doc. 28CryptoCoin)

JAKARTA Two weeks after the US Securities and Exchange Commission (SEC) approved the Bitcoin Spot Exchange Trade Fund (ETF) proposal, now the investment product is predicted to be available outside the US, to be precise in Hong Kong. One of the local crypto exchanges OSL is rumored to be providing Bitcoin Spot ETF services.

The plan was conveyed by the Executive Director and Head of OSL Regulatory Affairs, Gary Tiu. He explained that his regulated crypto exchange will introduce its first Bitcoin Spot ETF which will launch in mid-2024.

Currently, OSL is communicating with various leading asset manager companies to discuss launching the Bitcoin Spot ETF investment product in Hong Kong. It is recorded that about 50 percent of investment companies plan to launch similar products, based on Tiu's exposure.

Furthermore, Tiu emphasized the need to maintain reasonable costs so that this new product can be accessed by the public. One way to reduce costs is to cooperate with related companies, given the limited number of crypto exchanges that have been licensed to operate in the city, as reported by Coinspeaker.

He also noted the various benefits associated with the ETF, including creating a regular market for the underlying digital assets, forming a local investor protection model, and facilitating integration between digital asset platforms regulated with traditional financial institutions.

The announcement follows a similar statement made by HashKey, another licensed crypto exchange in Hong Kong, which revealed earlier this month that it was working with an asset-managing company on the potential launch of the Bitcoin Spot ETF. Livio Weng, HashKey Chief Operating Officer, also revealed that about ten related companies are exploring the possibility of such an ETF launch in Hong Kong.