Samsung Asset Management has shown signs for unveiling a spot Bitcoin exchange-traded fund (ETF) at Hong Kong city’s exchange if it’s permitted by policies, as reported by Cointelegraph.
According to Cointelegraph, Sam Park, Hong Kong chief executive, Samsung Asset Management, stated: “It really depends on how policy is going to be developed,” adding that Hong Kong administrators have expressed their interest in expanding a city into a crypto hub.
On the basis of information by Cointelegraph, Rebecca Sin, analyst, Bloomberg Intelligence, highlighted that “Hong Kong is well positioned to become Asia’s crypto gateway.” It is believed that Sin even expects spot Bitcoin and Ether (ETH) products to be permitted there by the year’s end. On January 13, 2023, Samsung unveiled its Bitcoin futures ETF at the Hong Kong exchanges and Clearing Market, with the exchange reportedly being the only one to support Bitcoin futures ETFs’ trading in Asia. Reports suggest that the ETF has already recorded a 4.2% rise in price.
“The U.S. obviously seemed to be the market at the time that was perhaps a good one. But I would argue that, you know, places like Asia, particularly Hong Kong, are starting to look pretty attractive with their virtual asset policies, […] with their desire to basically be a leader in the space,” Yat Sui, chairman, Animoca Brands, said.
(With insights from Cointelegraph)