After successfully launching its Bitcoin Futures ETF on the Hong Kong stock exchange, the Samsung investment division’s affiliate, Samsung Asset Management Hong Kong (SAMHK), is considering introducing a Spot Bitcoin exchange-traded fund (ETF) to the Hong Kong market.
“Samsung Asset Management indicated the firm could consider starting a spot Bitcoin exchange-traded fund in Hong Kong if the city allows such products under a push to become an Asia-Pacific center for crypto,” according to a report by Bloomberg. “The move comes as part of a push to become an Asia-Pacific center for crypto.”
A few days ago, Hong Kong’s finance secretary Paul Chan said that despite the instability in the market, Hong Kong is striving to become the centre for the cryptocurrency industry. In addition, Hong Kong is getting ready to provide further licenses to companies that deal in digital assets.
On January 13, the Hong Kong Exchanges and Clearing Market, which is the only exchange in Asia that presently allows the trading of Bitcoin futures ETFs, welcomed Samsung’s Bitcoin futures ETF.
The goal of the Samsung Bitcoin Futures Active ETF is to provide investors with a financial exposure to the value of Bitcoin (BTC) via the purchase of Bitcoin futures contracts that are listed on the Chicago Mercantile Exchange (CME).
The head of SAMHK, Park Seong-jin, made the following statement: “Hong Kong is the only market in Asia where bitcoin futures ETFs are listed and traded in the institutional market.” Investors that are interested in Bitcoin as a competitive product that represents their knowledge in risk management will have a new choice available to them as a result of this.
In the event that a market for a product that directly invests in bitcoin becomes available, Samsung is keeping a close watch on the manner in which the region’s legislation for digital assets are developing.
“It truly relies on how policy is going to be established,” said Sam Park, chief executive for Hong Kong at Samsung Asset Management. It is “obvious” that the municipal government is interested in the creation of a cryptocurrency center.
Compiled by Coinbold