Claim BonusAsia to Get Its First Bitcoin And Ether Futures ETFs Today
As per the latest development, a pair of Hong Kong exchange-traded funds (ETFs) investing in BTC and ETH futures has raised $79 million in total. This means Asian crypto investors are to get their first listed Bitcoin and Ether futures ETFs.
Later today, the CSOP Bitcoin Futures and CSOP Ether Futures ETFs will be listed. These ETFs have raised $59 million and $20 million in initial investments respectively, as per the statement issued by CSOP Asset Management Ltd.
This pair of Hong Kong exchange-traded funds investing in Bitcoin and Ether pushes ahead Hong Kong’s plans of becoming a crypto hub. Additionally, these new ETFs offer the region a regulated environment for accessing contracts traded on the CME Group platform.
During the 2021 bull run, cryptocurrency exchange-traded products were in massive demand due to the boon in token prices. However, amid the crypto winter of 2022 and strong regulatory action, the demand for these products has dropped as liquidity has dried up in the market. Also, institutional players are awaiting more regulatory clarity on the matter before participating.
Hong Kong Revives Plans of Becoming the Crypto Hub
Asia as such has been a friendlier destination for crypto firms to set up base. Over the last few years, Singapore was emerging as the most-preferred destination! However, with the implosion of the Terra ecosystem earlier this year, Singapore regulators have tightened their grip in the crypto space.
Seeing this as an opportunity, Hong Kong is willing to get back into the crypto space and capture the lost market. Earlier this year, Hong Kong laid out a plan to become Asia’s top crypto hub offering legalized retail trading and digital-asset ETFs.
Citing this year’s market crisis and bankruptcies, Hong Kong is keen on taking a regulated approach. As a result, they will be embracing a crypto rule book that offers compliance, transparency, and investor protection.
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