Bitcoin

Spot

The impending debut of spot Bitcoin and Ether exchange-traded funds (<a href="https://www.investopedia.com/terms/e/etf.asp" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">ETF</a>s) in Hong Kong won’t extend market access to investors in mainland China, as per insights from Bloomberg data analyst Jack Wang. 
After Hong Kong gave the nod to spot BTC and ETH ETFs, three Chinese asset management firms—China Asset Management, Harvest Global Investments, and Bosera—set the stage for the spot crypto ETFs via their Hong Kong subsidiaries by April 30. 
Despite the close affiliations of ETF issuers with mainland China, they won’t be facilitating Bitcoin or Ether exposure for investors in that jurisdiction. 
“Mainland Chinese citizens will not be able to participate in this,” Wang affirmed during a Bloomberg webinar on April 24, referencing a directive from the Chinese State Council in September 2021 that prohibits financial institutions from engaging in crypto-related transactions. 
“Even for the futures-based crypto ETF listed in Hong Kong—I actually tried to set a trade—the brokers will just directly reject the trade,” Wang noted, emphasizing the immediate disconnect of Chinese investors from this product. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/hong-kong-approves-first-wave-of-spot-bitcoin-and-ether-etfs-for-trading/" data-wpel-link="internal">Hong Kong Approves First Wave of Spot Bitcoin and Ether ETFs for Trading</a> 
Wang further asserted that the launch of spot Bitcoin and Ether ETFs in Hong Kong won’t catalyze any positive changes in mainland China’s regulatory landscape nor open up the crypto market to Chinese investors. 
“I would say it’s 100% not going to happen at least,” the analyst remarked. 
Thomas Zhu, head of digital assets at China Asset Management, highlighted the potential eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong contingent upon forthcoming regulatory adjustments. 
Amidst buoyant anticipation surrounding the impending spot crypto ETF launch in Hong Kong, Bloomberg analyst James Seyffart underscored the dominance of Bitcoin ETFs in the United States, surpassing the total assets of all ETFs in Hong Kong. 
“The U.S. ETF market is almost $9 trillion in assets—that’s trillion with a ‘T’. The entire Hong Kong ETF market is around $50 billion. 
Mainland China ETFs are around $325 billion. We’re talking literal orders of magnitude differences in size and impact,” Seyffart elaborated in an X post on April 12. 
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk">sales@cryptointelligence.co.uk</a>.

Hong Kong’s Spot Crypto ETF Launch: No Gateway for Mainland China Investors

Crypto Intelligence

Other articles published on Apr 28, 2024

Bitcoin (BTC) Targets $100,000 After Halving, Solana (SOL) Slides 27% Due to Whale Activity, Coul...

High-Profile Bitcoin Auction Draws Attention with Signature “Buy Bitcoin” Artifact

Bitcoin Climbs Past $64,000 as Altcoin Market Eyes Recovery

How Not to Screw Up the 2024 Bull Run Again: The Ultimate Guide

Can a $1000 Investment in Kaspa (KAS) Make You a Millionaire?

Solana Kalahkan Ethereum Dalam Hal Stablecoin, Tanda Bullish?

Join our free newsletter for daily crypto updates!