NewsletterOSL Becomes Sub-Custodian of ChinaAMC’s Spot BTC/ETH ETF in Hong Kong
Highlights
- OSL becomes a sub-custodian and exchange of two ETFs.
- The firms will leverage OSL’s structure to ensure safe trading.
- Approved Hong Kong ETFs build momentum in the market.
Digital asset platform, OSL will act as a trading platform and sub-custodian for two approved spot Bitcoin (BTC) and Ethereum (ETH) ETFs in Hong Kong.
In an April 15 announcement, it was revealed that OSL Digital Securities a company within the OSL Group was selected as a partner for the China Asset Management (ChinaAMC) and Harvest Fund Management. Both asset managers’ products have been granted conditional approvals by Hong Kong’s financial regulator.
According to the release, the platform will leverage OSL’s structure to ensure a safe trading environment for the ETFs. On its part, OSL has met the regulatory standards to deliver and maintain the services. This partnership is key because Hong Kong joins the few markets that approved spot crypto ETFs.
“With few markets worldwide accommodating Spot BTC/ETH ETFs, Hong Kong’s initiative places it alongside pioneering regions such as Canada, Germany, and Switzerland. Reflecting on the U.S. experience where Spot Bitcoin ETFs garnered over $12.53B.”
OSL Looks At Prospects
All stakeholders in the partnership look toward future developments as it marks a significant milestone in terms of cryptocurrency ETFs. Patrick Pan, the CEO of OSL noted the importance of investment in Hong Kong and the digital asset space.
“Being chosen as the first virtual asset exchange and sub-custodian partner not only reflects the high regard in which OSL is held but also demonstrates our commitment to advancing digital asset investments in Hong Kong, mirroring the trend of reputable partnerships seen in the U.S. market.”
Hong Kong’s Spot ETF Ignites Sentiment
The Hong Kong Securities and Futures Commission (SFC) approved spot BTC and ETH ETFs today. Although with conditional status, the approvals have sparked a new upward drive in the market. This is due to inflows recorded by the United States approval in January.
Spot crypto ETFs act as a new investment window for institutional investors to increase their exposure to the market. Crypto prices are up today after days of massive liquidations.
Also Read: Norway’s Government Set To Outlaw Crypto Mining
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