Finally, the official date for Bitcoin spot ETF products trading comes to the public domain in the jurisdiction of Hong Kong.
Since mid-2023, Hong Kong has emerged as a crypto-friendly jurisdiction, allowing fully legal crypto trading under specific regulations. This stands in contrast to mainland China, where crypto trading has been entirely prohibited since December 2021. Despite being a special administrative region of China, Hong Kong has adopted a favorable stance towards cryptocurrencies.
The latest reports confirmed that 30 April 2024 is the official date for the start of trading of Bitcoin & Ethereum spot ETF products, approved a week ago by the Hong Kong financial regulators.
Bloomberg’s finance journalist James Seyffart shared his opinion on these spot ETF products and said that low trade fee competition is going to attract huge numbers of investors.
Bloomberg ETF expert Eric Balchunas also shared his opinion on the trade fee of these crypto ETF products and said that fees are 30bps, 60 bps and 99 bps which is on average lower than we thought, which is a good sign.
Hong Kong, small Bitcoin spot ETF market
Just a few days ago, experts shared their opinion on the Bitcoin spot ETF market of Hong Kong and said that it will be just like a baby over the US-based Bitcoin spot ETF market.
According to ETF expert Balchunas, the Hong Kong-based BTC ETF market will see a maximum of $1 billion investment in the long term.
However he admitted that the Hong Kong financial market is very big, as there are huge numbers of investors from Mainland China, but he noted that Chinese investors from Mainland China will be prohibited from buying these ETFs because cryptocurrencies are fully banned in mainland China & the Chinese authorities will not allow investors to access crypto linked products ethically.
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After 5 days, BTC & ETH spot ETF products will start trading in Hong Kong
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