Samsung Bitcoin Futures ETF listed on the Hong Kong Stock Exchange, Samsung official: Considering launching Bitcoin spot ETF in Hong Kong

A Bitcoin futures ETF launched by Samsung Asset Management Hong Kong Limited officially began trading on the Hong Kong Stock Exchange today. According to Bloomberg, Samsung Asset Management stated that they may consider launching a Bitcoin spot ETF in Hong Kong, depending on "how policies develop."

Samsung Asset Management Considers Launching Bitcoin Spot ETF in Hong Kong

Samsung Asset Management (Hong Kong) has expressed that as part of Hong Kong's push to become a cryptocurrency hub in the Asia-Pacific region, the company may consider launching a Bitcoin spot ETF in Hong Kong if conditions permit.

Samsung Asset Management is closely monitoring the evolving digital asset regulations in Hong Kong to pave the way for direct investment in such products. Sam Park, CEO of Samsung Asset Management Hong Kong, mentioned in an interview that this "definitely depends on how policies unfold" and that the local government is "clearly" eager to develop as a cryptocurrency hub.

The "SAMSUNG Bitcoin Futures Active ETF" was listed on the Hong Kong Stock Exchange today, opening at 8.4 Hong Kong dollars with a price of 8.37 Hong Kong dollars at the time of reporting. This ETF invests solely in Bitcoin futures from the Chicago Mercantile Exchange (CME) and does not directly invest in Bitcoin.

Hong Kong is moving forward with a plan established last year to attract cryptocurrency businesses, initially through legalizing retail trading and digital asset futures ETFs. Julia Leung, the CEO of the Securities and Futures Commission (SFC), stated that Hong Kong's virtual asset service provider regime will focus on investor protection, and when new licensing rules take effect in June, virtual asset trading for retail investors will be limited to certain "highly liquid" products.

Bloomberg Analyst: Hong Kong May Allow Bitcoin Spot Products This Year

Rebecca Sin, an ETF analyst at Bloomberg Intelligence, stated that Hong Kong has the capability to become Asia's cryptocurrency gateway, and she anticipates that by the end of 2023, Hong Kong will permit Bitcoin and Ethereum spot products.

CSOP Asset Management Ltd. launched the "CSOP Bitcoin Futures ETF" and "CSOP Ethereum Futures ETF" in December last year, with total assets currently around 82 million USD.

Data from Bloomberg Intelligence shows that the asset value of global cryptocurrency exchange-traded products (ETPs) has dropped from a peak of around 78 billion USD in 2021 to 21 billion USD, with North American products accounting for over 80% of managed funds.

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