Samsung Investment Exploring Hong Kong Spot-Bitcoin ETF
Following closely on the heels of its exchange-traded fund (ETF) for Bitcoin futures in Hong Kong, Samsung Asset Management has stated that it is exploring the launch of a spot Bitcoin ETF on the city’s exchange, provided that the laws allow for it. This announcement comes shortly after Samsung Asset Management launched its Bitcoin futures ETF in Hong Kong.
In a recent interview with Bloomberg that was published on January 13, it was reported that Sam Park, the chief executive of Samsung Asset Management in Hong Kong, was recently quoted as saying the following: “It truly depends on how policy is going to be created.”
He stated that developing Hong Kong into a hub for the Bitcoin business is “clearly” the goal of the administration in charge of the city’s affairs in Hong Kong.
Rebecca Sin, an ETF analyst at Bloomberg Intelligence, made the observation that “Hong Kong is well positioned to become Asia’s crypto gateway.” She anticipates that spot Bitcoin and Ether (ETH) products will be permitted there by the end of the year. Sin’s statement was made in reference to the fact that Sin believes Hong Kong is well positioned to become Asia’s crypto gateway. The basis for Sin’s forecast was the assertion that Hong Kong is “ideally positioned to become Asia’s crypto gateway.”
On January 13, Samsung debuted an exchange-traded fund (ETF) that will invest in Bitcoin futures on the Hong Kong Exchanges and Clearing Market. The Hong Kong Exchanges and Clearing Market is the only exchange in Asia that presently offers trading in Bitcoin futures ETFs. This distinction currently belongs to Hong Kong.
Additional interest has been shown in Hong Kong futures exchange traded funds (ETFs), such as the $73.6 million that was invested in two ETFs managed by CSOP Asset Management prior to their listing on December 16th. This investment is an example of the additional interest that has been shown in Hong Kong futures ETFs.
The fact that so much bitcoin activity is taking place in countries other than the United States is being attributed by many people to a lack of clarity in the applicable laws. Because of this, legislators are advocating for crypto legislation to be enacted as rapidly as is practically possible.