Despite the looming possibility of the United States classifying Ether (ETH) as a security, exchange-traded fund (ETF) issuers in Hong Kong remain undeterred as they prepare to introduce spot crypto ETFs.
During a press conference on April 29, on the eve of the ETF launch, representatives from China Asset Management and OSL Digital Securities addressed inquiries about the new investment products. Notably, they discussed the potential impact of the U.S. designating Ether as a security.
Wayne Huang of OSL Digital Securities expressed confidence, stating that such a classification by the United States would not sway the decision-making of the Hong Kong Securities Regulatory Commission. He emphasized that Hong Kong has its own procedures for assessing crypto assets' status as securities and their accessibility to retail investors.
Highlighting the regulatory clarity in Hong Kong compared to the United States, Huang explained that the multi-agency approach to crypto regulation in the U.S. contrasts with Hong Kong's clear stance on assets like Ethereum, which is considered non-security along with Bitcoin.
China Asset Management, Bosera Asset Management, and Harvest Global Investments have launched crypto ETFs through their Hong Kong subsidiaries on April 30. OSL Digital Securities, serving as the virtual asset trading and sub-custodian partner, further solidifies the institutional backing for these investment products.
China Asset Management, a significant player in the financial landscape with a state-owned background, spearheads the initiative, demonstrating Hong Kong's progressive approach to crypto investment despite potential regulatory uncertainties abroad.