Fun

Is China warming up to Bitcoin ETFs? BTC investor’s reply sparks curiosity

News Feed - 2024-05-06 07:05:55

Prashant Jha13 hours agoIs China warming up to Bitcoin ETFs? BTC investor’s reply sparks curiosityThe trade agreements between China and Hong Kong could allow mainland investors to access spot BTC ETFs in Hong Kong.3321 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe launch of spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) in Hong Kong on April 30 has opened new avenues for Asian traders.


While the first week of trading for Hong Kong-based spot ETFs was lukewarm compared to their counterparts in the United States, Hong Kong’s proximity to China has made it a key point of discussion on whether the ETFs could be accessible to mainland China investors.


Richard Byworth, managing partner at SyzCapital and BTC investor, has ignited rumors with recent comments suggesting that Bitcoin ETFs listed in Hong Kong could soon be accessible to investors from mainland China.


Byworth, in his X response to Samson Mow, said that he heard talks that the spot BTC ETF could be added to Stock Connect.


Stock Connect allows qualified investors from one market to access eligible shares in another market with a set quota. The Shenzhen-Hong Kong Stock Connect, a cross-border investment route, connects the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.


Investors in either market can utilize their local brokers and clearing houses to trade shares in the other market. The Stock Connect program covers a wide range of stocks but is subject to a daily quota.


While Byworth words are mere rumors, China’s anti-crypto stance has made it a topic of discussion on social media.


Brian HoonJong Paik, a co-founder and chief operating officer at SmashFi, also addressed the rumors about mainland China investors potentially accessing the Hong Kong ETFs in the near future. 


He said that 70% of Chinese wealth is in real estate and that “there are now 100 million empty homes. The CCP [Chinese Communist Party] needs an alternative asset to mitigate social unrest.”


Related: Hong Kong officials recommend city’s crypto industry self-regulate


In another post, Paik listed several trade arrangements between Shanghai and Hong Kong markets that could allow Chinese investors to invest in spot BTC ETFs in Hong Kong.


Apart from the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the Qualified Domestic Institutional Investor scheme allows qualified Chinese institutional investors (such as banks, funds and insurance companies) to invest in overseas markets, including Hong Kong.


Another trade agreement — the mutual recognition of funds — between Hong Kong and mainland China allows eligible mainland and Hong Kong funds to be distributed in each other’s markets.


China banned Bitcoin mining and foreign crypto exchanges from offering their services to mainland customers in 2021. However, despite a blanket ban on crypto-related businesses and services, Chinese courts have deemed BTC legal property in several jurisdictions.


Web3 Gamer:Web3 gaming won’t exist in 5 years, $656K for best crypto game pitch# Bitcoin# Blockchain# Cryptocurrencies# Hong Kong# China# AdoptionAdd reaction

News Feed

Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes Ethereum rebounded on Feb. 23, as markets reacted to the latest Federal Open Market Committee (FOMC) mi
Anupam Varshney10 hours agoOpen source: Buzzword or real security for crypto wallets?Open-sourcing crypto wallet designs offers some benefits, but there are trade-offs as well.479 Total views1 Total sharesListen to artic
Prepping for Next Year’s Travel Rule: 25 US Crypto Service Providers Publish Compliance Solutions Paper
Prepping for Next Year’s Travel Rule: 25 US Crypto Service Providers Publish Compliance Solutions Paper A great number of cryptocurrency businesses are prepari
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break Bitcoin continued to consolidate to start the week, as market volatility remained
US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private
US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private Nine U.S. lawmakers have raised concerns regarding the U.S. central bank digital currency project led
Global Markets, Bitcoin Defy Expectations After Fed’s Hawkish Taper Plan Announcement
Global Markets, Bitcoin Defy Expectations After Fed"s Hawkish Taper Plan Announcement Global markets have defied predictions as the U.S. Federal Reserve and several central banks w
Trump Backs Crypto at Historic White House Summit – Here Are the Best Altcoins to Invest in Now
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin FilmFest: Lights, camera, halving as Bitcoin cinema hits Warsaw
Bryan O"Shea11 hours agoBitcoin FilmFest: Lights, camera, halving as Bitcoin cinema hits WarsawThe second edition of Bitcoin FilmFest in Warsaw, Poland, screened over a dozen movies and documentaries and coincided with t
Bullish Bitcoin traders better positioned for Friday’s $5.5B options expiry
Marcel Pechman4 hours agoBullish Bitcoin traders better positioned for Friday’s $5.5B options expiryBullish Bitcoin options traders expect a hefty profit from Friday’s expiry now that Germany and Mt. Gox wallets have
Bitfinex Files for Subpoena in Bid to Recover $880 Million in Frozen Funds
Bitfinex has applied to a U.S. court to subpoena a former banking executive of a trust company that the crypto exchange believes can help it recover over $850 million in frozen funds.
SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation
SEC Chair Gensler Proposes "One Rule Book" Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reportedly proposed “one ru
Israel’s Stock Exchange Unveils Plan to Create Digital Asset Platform and Venture Into Crypto
Israel"s Stock Exchange Unveils Plan to Create Digital Asset Platform and Venture Into Crypto The Tel-Aviv Stock Exchange, the only public stock exchange in Israel, has announced t