ChainCatcher news, the Financial Services Commission of South Korea announced plans to establish a Virtual Asset Committee in its audit report to the National Assembly's Political Committee, to discuss significant issues such as the approval of virtual asset spot ETFs and the licensing of virtual asset exchanges.The Virtual Asset Committee is an advisory body that provides policy and institutional recommendations for the virtual asset market and business operators, chaired by the Vice Chairman of the Financial Services Commission, with members consisting of officials.Currently, the Financial Services Commission prohibits the trading of virtual asset ETFs such as Bitcoin, on the grounds that they do not fall under the underlying assets specified in the Capital Markets Act. Additionally, due to concerns about money laundering, companies are also prohibited from opening virtual asset accounts.Furthermore, the Financial Services Commission has established a non-profit foundation (Digital Asset User Protection Foundation), which receives user assets and returns them to businesses that have closed or suspended operations, and is currently conducting updated report reviews for businesses whose reporting period has expired.

ChainCatcher news, according to Ming Pao, the Hong Kong Investors and Financial Education Committee stated that virtual asset spot ETFs listed in Hong Kong are regulated by the Securities and Futures Commission. Investors can buy and sell virtual asset spot ETFs through securities firms or banks, and the trading method is as convenient and simple as that of stocks or other ETFs. However, investors need to understand the risk level of virtual asset spot ETFs to assess their suitability.Due to the extreme volatility of virtual asset spot ETFs, they may not necessarily provide a diversification effect. Therefore, in an investment portfolio, virtual asset spot ETFs should only be considered as auxiliary investments.

ChainCatcher news, as of today (May 22), the trading volume of the 6 Hong Kong's first issued virtual asset spot ETFs has reached a total of 27.4644 million HKD. Among them:Huaxia Bitcoin ETF (3042.HK) trading volume is 9.2249 million HKD;Huaxia Ethereum ETF (3046.HK) trading volume is 10.6044 million HKD;Harvest Bitcoin Spot ETF (3439.HK) trading volume is 2.0747 million HKD;Harvest Ethereum Spot ETF (3179.HK) trading volume is 1.2853 million HKD;Bosera HashKey Bitcoin ETF (3008.HK) trading volume is 1.2284 million HKD;Bosera HashKey Ethereum ETF (3009.HK) trading volume is 3.0467 million HKD.

ChainCatcher news, according to Ming Pao, the Hong Kong virtual asset spot ETF has gone through 12 trading days since its issuance, and the overall AUM of the ETF has not changed much. According to the Stock Exchange data, the total AUM once rose to a maximum of HKD 2.52 billion, and as of last Friday, it was HKD 2.223 billion, down 3% from the first day. Among them, only the Huaxia Bitcoin ETF had an AUM scale that reached HKD 1 billion, while the AUM of the Harvest Ethereum (3179) was the lowest among the six, approximately HKD 56 million as of last Friday. In addition, the Bitcoin ETF accounted for 85% of the total asset value, while the Ethereum ETF accounted for 15%, reflecting that Bitcoin is still the mainstream virtual currency. Furthermore, after the six ETFs had a first-day transaction of HKD 87.61 million, the trading weakened, with an average daily transaction of about HKD 41.03 million.Data shows that among the fund companies issuing virtual currency spot ETFs, Huaxia has the most market makers. As of May 8, and in HKD terms, the Huaxia Bitcoin had a total of 7 market makers; the Bosera HashKey Bitcoin ETF (3008) and Harvest Bitcoin (3439) had 6 and 4 respectively, and only the Huaxia Bitcoin had a market maker for its RMB counter.The data analysis platform Kaiko reported that the competition for virtual currency spot ETFs is heating up globally; however, the Hong Kong ETF market is much smaller than the U.S. market, resulting in a disparity in first-day trading volumes between Hong Kong and the U.S. Overall, the demand for virtual currencies in the Asia-Pacific region still seems strong. Wang Junjie, a partner at Yicai Investment Fund, believes that the small change in AUM is mainly because liquidity has not yet been released. If mainland investors and Hong Kong Stock Connect are allowed to purchase in the future, liquidity will greatly increase. He also pointed out that if the Ethereum ETF can innovate in the future to generate returns through proof of stake (PoS) for investors, this would be the world's first innovation, attracting many global Ethereum holders to invest and trade, leading to significant growth in AUM and trading volume later on.

ChainCatcher news, Guotai Junan International (01788.HK) announced the launch of a structured product based on a virtual asset spot ETF, making it the first in the Hong Kong market. As a distributor of virtual currency spot ETFs in Hong Kong, the company now supports investors in purchasing listed virtual asset ETF products and provides customers with a new way to invest in virtual asset ETF-linked notes (ELNs).In the future, Guotai Junan International will continue to closely monitor ETF market trends, constantly enrich its product portfolio, and provide virtual asset investment solutions for investors in Hong Kong and around the world.

ChainCatcher news, Ding Chen, the president of Southern Asset Management Co., Ltd., stated in an interview with Bloomberg: "It's unfortunate that we were not among the first in Hong Kong to launch virtual asset ETFs, but I am pleased to see that three other peers have launched related products. We are still working hard to collaborate closely with institutions and partners to successfully launch a virtual asset spot ETF. After all, this relies not only on asset management companies but also on custodians, market makers, PDs, etc. Currently, some of our counterparties are not fully prepared. However, once we are ready, we will launch the related products."It is reported that Southern Asset Management listed Asia's first cryptocurrency ETFs on the Hong Kong Stock Exchange as early as December 2022, including the Southern Asset Management Bitcoin Futures ETF and the Southern Asset Management Ethereum Futures ETF.

ChainCatcher news, Panda Securities has become one of the first underwriters for the Hong Kong virtual asset spot ETF.Panda Securities is a licensed corporation regulated by the Hong Kong Securities and Futures Commission (Central Number: BNC380), holding a securities trading license (Type 1). It has partnered with Harvest International, Huaxia Fund (Hong Kong), and Bosera International to participate as a broker, opening up product subscription channels for investors.

According to ChainCatcher news, data from OSL shows that in the first week of the listing of Hong Kong's first batch of virtual asset spot ETFs, the asset management scale has exceeded HKD 2.4 billion. OSL Digital Securities Limited serves as the virtual asset custody and trading partner for the first batch of spot Bitcoin and Ethereum ETFs launched by China Asset Management (Hong Kong) and Harvest Global Investments (HGI), accounting for 76% of the total market share.

According to ChainCatcher news, as of the market close, the trading volume of six Hong Kong virtual asset ETFs today reached HKD 60.4343 million, all showing significant increases.The trading volume of the Huaxia Bitcoin ETF (3042.HK) was HKD 25.1414 million, the Huaxia Ethereum ETF (3046.HK) was HKD 3.7855 million, the Harvest Bitcoin ETF (3439.HK) was HKD 13.3317 million, the Harvest Ethereum ETF (3179.HK) was HKD 3.1312 million, the Bosera HashKey Bitcoin ETF (3008.HK) was HKD 12.4751 million, and the Bosera HashKey Ethereum ETF (3009.HK) was HKD 2.5694 million.

ChainCatcher news, Han Tongli, CEO and Chief Investment Officer of Harvest International, stated that the market's response to the subscription of virtual currency spot ETFs is enthusiastic, even exceeding his expectations.He explained that he originally anticipated a slow development and subscription process for Hong Kong's virtual asset spot ETFs, but in reality, the subscription volume on the first day was higher than expected. He believes that Hong Kong's financial and legal systems can seamlessly integrate with global markets, and with the ability to accept physical subscriptions and redemptions, the design is advanced. He anticipates that the potential for virtual asset development in Hong Kong may even surpass that of the United States.He candidly mentioned that the spot ETF products issued by the company this time are not intended to be profitable, and they do not plan to make money from this product. The primary purpose of issuing this product is to lay the "first brick" for connecting the traditional finance and crypto finance ecosystems, with the intention of profiting from it later, rather than just earning a profit from a single product.

ChainCatcher news, according to the Hong Kong Radio website, the Executive Director of the Investment Products Division of the Hong Kong Securities and Futures Commission, Choi Fung-yi, stated that the SFC's approval of the relevant ETFs for listing does not imply support or encouragement for the public to invest in the related virtual assets. She reiterated that the regulatory framework cannot eliminate the various risks inherent in the market, especially since virtual assets are highly speculative and their prices are very volatile, reminding that only investors who can bear the risks should consider it.

ChainCatcher news, the Hong Kong Stock Exchange stated that today (Tuesday) it welcomes the listing of the first virtual asset spot ETFs in Asia, increasing the variety of products in the Hong Kong market and providing investors with richer choices, consolidating Hong Kong's position as Asia's leading ETF market.Robbie Liu, Head of Securities Product Development at the Hong Kong Stock Exchange, stated: The newly listed virtual asset spot ETFs today will enrich the diverse and active ETF market ecosystem of the Hong Kong Stock Exchange, providing investors with investment opportunities in new asset classes.

ChainCatcher news, Huaxia, Bosera HashKey, and Jiashi's 6 virtual asset spot ETFs have all fallen below their issue prices during trading. As of the time of this article, the Huaxia Bitcoin ETF (3042.HK) is currently priced at 8 HKD, with an opening price of 8.08 HKD; the Huaxia Ethereum ETF (3046.HK) is currently priced at 7.835 HKD, with an opening price of 7.95 HKD; the Jiashi Bitcoin spot ETF (3439.HK) is currently priced at 8.03 HKD, with an opening price of 8.115 HKD; the Jiashi Ethereum spot ETF (3179.HK) is currently priced at 7.85 HKD, with an opening price of 7.97 HKD; the Bosera HashKey Bitcoin ETF (3008.HK) is currently priced at 49.86 HKD, with an opening price of 50.54 HKD; the Bosera HashKey Ethereum ETF (3009.HK) is currently priced at 24.9 HKD, with an opening price of 25.34 HKD.

ChainCatcher news, 6 virtual asset spot ETFs issued in Hong Kong officially listed on the Hong Kong Stock Exchange and opened for trading, including Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ethereum ETF (3009.HK), Huaxia Bitcoin ETF (3042.HK), Huaxia Ethereum ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK), and Harvest Ethereum Spot ETF (3179.HK).

ChainCatcher news, Tiger Brokers (Hong Kong) announced that its Tiger Trade App will start offering zero commission and zero platform fee trading for 6 Hong Kong's first issued virtual asset spot ETFs to all Hong Kong customers starting from April 30. These ETFs include Bosera HashKey Bitcoin ETF (03008), Bosera HashKey Ethereum ETF (03009), Huaxia Bitcoin ETF (03042), Huaxia Ethereum ETF (03046), Harvest Bitcoin Spot ETF (03439), and Harvest Ethereum Spot ETF (03179).

ChainCatcher news, according to the "China Fund News," the Hong Kong Securities and Futures Commission has approved six virtual asset spot ETFs under Huaxia Hong Kong, Bosera International, and Harvest International, which will have their first issuance on April 29 and officially list on the Hong Kong Stock Exchange on April 30.In terms of issuance price, the products under Harvest International and Huaxia (Hong Kong) have an issuance price of 1 USD per share, while the initial issuance prices of the Bosera Bitcoin ETF and Ethereum ETF are approximately consistent with 1/10000 and 1/1000 of the tracking index as of April 26, 2024, respectively. This means that the net asset value of the fund shares corresponds to about 0.0001 Bitcoin price and 0.001 Ethereum price, implying that holding 10,000 shares is roughly equivalent to 1 Bitcoin, and 1,000 shares is roughly equivalent to 1 Ethereum.It is reported that the Hong Kong spot cryptocurrency ETFs are open to professional and retail investors in Hong Kong. For Hong Kong investors, they can purchase the spot Bitcoin and Ethereum ETFs in Hong Kong as long as they pass a cryptocurrency knowledge test based on basic KYC (real-name authentication). In contrast, Hong Kong investors wishing to purchase the corresponding ETFs in the United States must be professional investors, facing high investment threshold restrictions.Additionally, investors from mainland China are currently not allowed to participate in buying and selling. A joint circular issued by the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority on December 22, 2023, regarding the activities of intermediaries related to virtual assets indicates that neither the existing virtual asset futures ETFs in the Hong Kong market nor the future issued virtual asset spot ETFs can be sold to retail investors in mainland China, where the sale of virtual asset-related products is prohibited.

ChainCatcher news, the Hong Kong Stock Exchange announced the first batch of upcoming virtual asset spot ETFs, including the Harvest Bitcoin Spot ETF (03439.HK), Harvest Ethereum Spot ETF (03179.HK), Huaxia Bitcoin ETF (03042.HK), and Huaxia Ethereum ETF (03046.HK). Huasheng Securities has become the underwriter for the first batch of virtual asset spot ETFs and will open the product subscription channel for investors. Previously, Huasheng Securities successfully participated in the issuance of the Southern Eastern Bitcoin Futures ETF (3066.HK) and Southern Eastern Ethereum Futures ETF (3068.HK).