Samsung Asset Management May Launch Spot Bitcoin in Hong Kong
2023.01.13 03:13
Samsung Asset Management May Launch Spot Bitcoin in Hong Kong
By Kristina Sobol
Budrigannews.com – Samsung Asset Management has stated that it is contemplating the launch of a spot Bitcoin exchange-traded fund (ETF) on the city’s exchange if policies permit it, following in the footsteps of its Bitcoin (BTC) futures exchange-traded fund (ETF) in Hong Kong.
Sam Park, the chief executive of Samsung Asset Management in Hong Kong, stated the following in an interview with Bloomberg that was published on January 13: It really depends on how policy will be made,’ she said, adding that Hong Kong officials are “clearly” interested in making the city a crypto hub.
Rebecca Sin, an ETF analyst at Bloomberg Intelligence, stated that “Hong Kong is well positioned to become Asia’s crypto gateway” and anticipates the availability of spot Bitcoin and Ether (ETH) products by the end of the year.
A futures market is a market where participants buy and sell contracts to be settled at a later date, with products considered derivatives. A spot market is a market where the exchange of financial instruments is settled immediately.
On January 13, Samsung made its Bitcoin futures ETF available for trading on the Hong Kong Exchanges and Clearing Market. At this time, the exchange is the only one in Asia that allows for the trading of Bitcoin futures ETFs.
The ETF’s price has already increased by 4.2% as of the time this article was written.
There has also been interest in other Hong Kong futures ETFs. Two CSOP Asset Management-managed ETFs have raised $73.6 million in investments in advance of their December 16 listing.
Yi Wang, a CSOP executive at the time, noted: In comparison to tokens traded on unregulated platforms, there are more regulatory safeguards for investors in the ETFs, which do not invest in actual Bitcoin.
On January 5, Animoca Brands Chairman Yat Sui stated in an interview with Bloomberg Asia that Hong Kong appeared to be more appealing as a listing location than the United States, noting:
Evidently, the United States appeared to be the market that might have been favorable at the time. However, I would argue that, with their virtual asset policies, […] with their desire to basically be a leader in the space, places like Asia, particularly Hong Kong, are beginning to look pretty attractive.
Legislators have pushed for crypto regulations as soon as possible due to the fact that a lack of regulatory clarity is frequently cited as the reason why so much crypto activity is leaving the United States.
