OSL Becomes Sub-Custodian of ChinaAMC’s Spot BTC/ETH ETF in Hong Kong

David Pokima
April 15, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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.” 

Advertisement
Advertisement

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.” 

Advertisement
Advertisement

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

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.