According to Bloomberg, Hong Kong has granted preliminary approvals for asset managers to launch spot-Bitcoin and Ether exchange-traded funds. This decision has positively impacted both digital assets and the broader cryptocurrency market. The Hong Kong unit is competing with Singapore and Dubai to become a hub for digital-asset firms. This comes after the implementation of a regulatory framework for virtual-asset service providers last year.
The cryptocurrency market experienced a surge following the authorities' approval of spot funds. Bitcoin saw an increase of up to 4.3%, reaching approximately $66,629. Concurrently, Ether experienced a 6.1% increase, hitting $3,257. This development underscores Hong Kong's commitment to fostering a conducive environment for digital-asset firms and the growth of the cryptocurrency market.
