CSOP’s BTC and ETH’s ETF will be listed on Hong Kong Stock Exchange on December 16

• Hong Kong Stock Exchange to list CSOP’s Bitcoin & Ethereum ETFs on December 16.
• Hong Kong SFC is inviting applications from ETF providers.
• Huasheng Securities to buy the first set of ETFs. 

The crypto industry is expanding its horizons so that it has something to offer everybody. Beginning with cryptocurrencies, moving on to tokens, then NFTs, from there to CBDCs and now to ETFs. CSOP Asset Management has recently received approval from the Hong Kong Stock exchange to list their Bitcoin and Ethereum Exchange Traded Funds (ETFs) by December 16. 

A news agency reported on October 31 that the Hong Kong Government released its statement regarding its crypto policy, allowing retail investors to invest in crypto assets legally. 

Also, recently, the Hong Kong Securities and Futures Commission (SFC) opened its door to applicants willing to be ETF providers. CSOP was among the first to apply – it has already submitted its application for offering Exchange Traded Funds for Bitcoin and Ethereum. 

Per the December 13 update, SFC approved the ETF application submitted by CSOP. Simultaneously, the CSOP Bitcoin Futures ETF (3066. HK) and CSOP Ehtereum Futures ETF (3.68.HK) are to be listed for trading on the Hong Kong Stock Exchange on December 16.

It is expected from CSOP that they will have an independent custodian to entrust the underlying assets of Bitcoin and Ethereum. No doubt, these ETFs will be duly regulated by the regulatory commission. This will be done to avoid market manipulation, which could undermine the investor’s interest. 

Some news agencies suggest that Huasheng Securities are the first exclusive subscribers for the initial set of CSOP’s Bitcoin and Ethereum funds. 

“The cooperation with CSOP to launch the first virtual asset future ETF in Hong Kong will provide investors with new options for financial management and investment.” – Huasheng.

CSOP is confident that the active promotion of its virtual asset product shall help Hong Kong become a global cryptocurrency hub. 

Hong Kong, with its efforts, recently became the first city in China to take a supportive stance on crypto. John Lee, the Hong Kong official, in his October 19 proposal, saw that the region had established a regulatory body mandated for regulation and issuance of licenses to all virtual assets providers. 

The ‘crypto policy statement’ released by the Hong Kong government on October 31 clearly showed its interest in crypto and mandate allowing retail investors to have direct exposure to crypto. 

The Hong Kong government had already stated its willingness to adopt the underlying technologies needed for the crypto assets, improving their existing payment systems. 

This can be considered a welcoming step from Hong Kong, as the whole crypto industry welcomes these steps. Moreover, the industry needs all the support it can garner from authorities and regulators, as it will help regain the lost trust.  

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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