• Samsung Asset Management received approval to list its Bitcoin futures ETF on the Hong Kong Stock Exchange.
• The ETF will invest in Bitcoin futures products that are traded on the Chicago Mercantile Exchange (CME).
• The Hong Kong government is taking steps to transform the city into a global cryptocurrency hub.
Samsung Asset Management has recently been given the green light to list its Bitcoin futures exchange-traded fund (ETF) on the Hong Kong Stock Exchange. The listing will take place on the 13th of January and marks a significant step forward for the cryptocurrency industry in the region, as it will provide investors with greater access and flexibility when it comes to investing in Bitcoin.
The ETF, known as the Samsung Bitcoin Futures Active exchange-traded fund, will be investing in Bitcoin futures products that are traded on the Chicago Mercantile Exchange (CME). This allows investors to gain exposure to the cryptocurrency without having to purchase it directly. The returns from this ETF are expected to be around the same as spot Bitcoin, meaning investors can benefit from the price movements of the digital asset without having to actually own it.
In addition to this listing, a local Korean news station has confirmed that most of the Bitcoin futures exchange-traded fund investments will be in CME Bitcoin Futures, with some being in CME Micro-Bitcoin Futures. This will provide investors with a range of options and allow them to diversify their portfolios.
The government of Hong Kong is also taking steps to transform the city into a hub for cryptocurrency businesses. It is trying to get them to set up offices in the area and register with the relevant financial authorities. This includes introducing laws to set up a licensing system for virtual asset service providers, which is designed to provide investors with greater security and protection when investing in digital assets.
At the Hong Kong Web3 Innovator Summit this week, Paul Chan, Hong Kong’s Financial Secretary, said that the laws needed to set up a licensing system for virtual asset service providers would be in place by the end of 2021. This will be a major step forward for the city and will provide investors with a safe and secure environment to invest in cryptocurrencies.
The listing of the Samsung Bitcoin Futures Active ETF on the Hong Kong Stock Exchange is a major step forward for the cryptocurrency industry in the region. It will provide investors with greater flexibility and access to the digital asset, and the government’s plans to create a licensing system for virtual asset service providers will provide investors with greater security and protection. This could be a major catalyst for the industry in the region, and could help to further drive adoption of cryptocurrencies in Asia.