Samsung’s Investment Arm Gearing Up to Apply for Spot-Bitcoin ETF in Hong Kong
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Korean technology conglomerate Samsung is looking to beat its competitors in Hong Kong by offering a spot Bitcoin exchange-traded fund (ETF) for investors to gain better exposure to the leading cryptocurrency.
Speaking in an interview with Bloomberg earlier this week, Sam Park, the Hong Kong chief executive for Samsung Asset Management, confirmed that the investment division is looking into launching a spot Bitcoin ETF that will be domiciled on the Hong Kong Stock Exchange. Park explained that they are closely monitoring the development of policies in the region and would prefer to launch an ETF there as quickly as possible.
Park added that Samsung Asset Management is interested in applying for and launching a spot Bitcoin ETF on the Hong Kong Stock Exchange.
However, their ability to get this done will depend significantly on the region’s crypto policies going forward. He also said that Hong Kong’s administrators had shown an interest in developing the region into a crypto hub, so the company is waiting closely to see how its policies will play out.
In the report, Bloomberg ETF Analyst Rebecca Sin also pointed out that Hong Kong is well-positioned to become the crypto gateway for the entire Asian continent. Sin added that spot Bitcoin and Ethereum products should be approved in Hong Kong by the end of the year, paving the way for a new wave of investment to enter the region soon enough.
Samsung has continued to expand its reach in Kong Kong’s crypto sector. This week, Samsung Asset Management Hong Kong launched the “Samsung Bitcoin Futures Active ETF” on Hong Kong’s bourse.
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