Samsung Asset Management Hong Kong has announced that it will hold an ETF with bitcoin (BTC) futures on January 13. This new venture will track the spot price of BTC and will also consist of an investment in bitcoin futures listed on the Chicago Board of Trade and some CME Micro-Bitcoin futures.
Park Soon Jin, head of Samsung Asset Management Hong Kong, commented that Hong Kong is the only Asian market with a bitcoin futures ETF available to institutional investors, providing an additional option for those interested in the cryptocurrency as a means to demonstrate risk management skills.
Last October, the Securities and Futures Commission issued permission to sell certain cryptocurrency funds to clients. At that time, it was assumed that Bitcoin ETFs and related futures traded on the Chicago Board Exchange would be the first to be approved. To further establish itself as a cryptohub, Hong Kong is taking steps to introduce regulation, but nothing concrete has been reported yet.
The Anti-Money Laundering and Terrorist Financing Act was recently amended and is considered one of the most important steps in regulating the crypto industry. These amendments introduce the concept of virtual assets and prescribe licensing of companies that provide cryptocurrency services.