Hong Kong Approves Bitcoin Ether Spot ETF Indian Web3 Community Lad Decision Full Details Here Indian Updates

Hong Kong introduced BitcoinBitcoin) and the sky (Ethereum) has given the green signal to trade in Spot Exchange Traded Funds (ETFs). The move will allow Hong Kong traders to invest in Bitcoin (BTC) and Ether (ETH) through traditional stock markets. This eliminates the need for traders to enter the ecosystem of a crypto exchange just to engage with assets such as BTC and ETH. Many members of India’s crypto community have hailed Hong Kong’s ‘historic’ decision.

Bosera Asset Management and the Hong Kong unit of China Asset Management have received regulatory approval to offer spot EFT for BTC and ETH. A Niki Asia on Monday 14th April Reports It said the final approval was signed by the Hong Kong Securities and Futures Commission (SFC). Spot ETFs track the current price of the object and allow traders to access the current price of BTC without having to buy and hold the asset.

Hong Kong is now the first region in Asia to officially legalize cryptocurrencies as a major investment instrument. This move will also reduce traders’ dependence on the US Investment Service.

With this move, Hong Kong has become the second global location to allow traders to engage with crypto ETFs. this year In JanuaryUS approves 11 BTC ETFs, a historic development for the crypto sector. The US-listed ETF reportedly traded shares worth $4.6 billion (about Rs 38,065 crore) in the first 24 hours.

In India, members of the Web3 community praised Hong Kong for setting an example for other Asian countries to scale up experiments and trials with crypto assets.