Samsung investment division’s subsidiary, Samsung Asset Management Hong Kong (SAMHK), is interested in launching Spot Bitcoin ETF in Hong Kong after the launch of its Bitcoin Futures ETF on the Hong Kong stock exchange.
According to a Bloomberg report, “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.”
A few days back, Hong Kong’s financial secretary Paul Chan claimed that Hong Kong seeks to be the crypto hub amid the market turmoil. Hong Kong is also preparing to issue more licenses for digital asset trading firms.
The Hong Kong Exchanges and Clearing Market, which is currently the only exchange in Asia to handle the trading of Bitcoin futures ETFs, welcomed Samsung’s Bitcoin futures ETF on January 13.
By purchasing Bitcoin futures products listed on the Chicago Mercantile Exchange (CME), the Samsung Bitcoin Futures Active ETF aims to give investors financial exposure to the value of BTC.
Park Seong-jin, Head of SAMHK, stated “Hong Kong is the only market in Asia where bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.”
Samsung is keeping an eye on how the region’s regulations for digital assets are evolving in case a way opens up for a product that invests directly in bitcoin.
Sam Park, Hong Kong chief executive for Samsung Asset Management, stated “It really depends on how policy is going to be developed. The local administration is “clearly” keen on developing a crypto hub.”
