Register on the Bybit exchange and receive a bonus of $4000.
Kryptowaluty

New bitcoin ETFs in Hong Kong attract mainland Chinese investors

This is a landmark step that could further popularize cryptocurrencies in the region and open up new investment opportunities for millions of citizens.

Date: 2024-05-13 Author: Łukasz Michałek
New bitcoin ETFs in Hong Kong attract mainland Chinese investors

The Bitcoin Asia 2024 conference in Hong Kong has attracted a large crowd of enthusiasts, especially investors from mainland China. According to a recent South China Morning Post report, the organizer estimated that of the 5,500 people who confirmed their participation before the event, about half were from the mainland.

The conference, organized by Bitcoin Magazine, aimed to showcase the changing landscape of cryptocurrency investment in Asia. It included discussions centered around the implementation and implications of new bitcoin exchange-traded funds (ETFs) launched in Hong Kong.

HKEX launched ETFs for Bitcoin and Ethereum on April 30, establishing Asia’s first ETFs for virtual assets.

David Bailey, co-founder of Bitcoin Magazine, highlighted the event’s role in connecting Hong Kong’s emerging crypto economy with the restrictive regulatory environment on the mainland.

“I think the ETFs were, in a sense, an acknowledgement that bitcoin will remain in the market,” – Bailey said. “There’s no way Hong Kong would have accidentally stumbled upon the launch of an ETF fund… It wasn’t accidental.”

CTA
Register for ByBit

Bailey also said that the local government has shown strong support for the sector, and the company is already considering a return to SAR. The city hosted several web3 events this year, including the WOW Summit and Web3 Festival.

“I think they see bitcoin as a huge opportunity for Hong Kong,” Bailey said.

Regulated Bitcoin trading offers new investment options

Ben Gagnon, director of mining at Bitfarms, expressed hope that Hong Kong could serve as a “conduit for Chinese investors” providing access to Bitcoin-related technology. He sees this as a potential way to mitigate the market downturn in China.

“I’m optimistic that with these rules and regulations, Hong Kong can actually find a way to become a bridge for China to Bitcoin and the larger crypto ecosystem in a safer, more controlled or regulatedway,” Gagnon said.

“I hope there will be more ways into mainland China,” he added.

CTA
Register on ByBit exchange
Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
Register on the Bybit exchange and receive a bonus of $4000.
Get Bonus