Earlier this week, the Samsung Asset Management Company announced the launch of its spot Bitcoin exchange-traded fund in the Hong Kong market. The Samsung Bitcoin Futures Active ETF is basically a futures-based Bitcoin ETF.
As per the latest Bloomberg report, the Samsung fund unit is now planning to unveil more crypto products in the Hong Kong market. Over the last few months, Hong Kong regulators have shown their affinity for crypto and are planning to make the region a new crypto hub in Asia.
Samsung now sees an opportunity here and is closely monitoring Hong Kong’s rule book in case they decide to allow direct investments in crypto coins. Sam Park, Hong Kong chief executive for Samsung Asset Management told Bloomberg: “It really depends on how policy is going to be developed”. He further added that the local administration was clearly keen on developing a crypto hub.
Hong Kong’s Pan to Attract Crypto Businesses
As said, Hong Kong regulators are already laying out plans to attract more crypto businesses into the market. Initially, they plan to legalize retail trading and other digital assets ETF which can invest only in the futures traded on the CME platform.
However, Hong Kong regulators are watchful of all the developments in the broader crypto markets and have shown the need for a regulatory environment that offers compliance, transparency, and investor protection.
Hong Kong is well positioned to become Asia’s crypto gateway,” said Rebecca Sin, an ETF analyst at Bloomberg Intelligence. She is further expecting that by the end of 2023, there will be spot Bitcoin and Ether products in the market.
Just at a time when major players in the crypto space are facing huge challenges amid the market downturn, Samsung is making a move here. On the other hand, Hong Kong’s latest moves could help Asia establish itself as the next big hub for crypto investments.