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Following the recent launch of Bitcoin ETFs in Hong Kong, speculation is mounting over potential access for mainland Chinese investors. Richard Byworth, a prominent Bitcoin investor, suggested that these ETFs could soon be available via the Stock Connect, sparking a flurry of discussions.
Hong Kong Launches Bitcoin ETFs, Sparks Speculation on Access for Mainland Chinese Investors
According to Cointelegraph, on April 30, spot Bitcoin and Ether exchange-traded funds (ETFs) were launched in Hong Kong, opening up new trading opportunities 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 closeness to China has made it a crucial subject of discussion on whether the ETFs will be available to mainland Chinese investors.
Richard Byworth, managing partner at SyzCapital and a Bitcoin investor, has sparked speculation that Hong Kong-listed Bitcoin ETFs may soon be available to mainland Chinese investors.
In his X response to Samson Mow, Byworth stated he had heard ideas about adding the spot BTC ETF to Stock Connect.
Stock Connect enables qualified investors from one market to purchase eligible shares in another market based on a predetermined quota. The Shenzhen-Hong Kong Stock Connect is a cross-border investment channel that connects the Shenzhen Stock Exchange with the Hong Kong Stock Exchange.
Investors in each market can use their local brokers and clearing houses to trade shares in the other market. The Stock Connect program includes a wide choice of stocks but is limited to a daily quota.
While Byworth's statements are rumors, China's anti-crypto attitude has sparked discussion on social media.
SmashFi COO Discusses Potential for Mainland Chinese Access to Hong Kong's Bitcoin ETFs Amid Economic Shifts
Brian HoonJong Paik, SmashFi's co-founder and chief operations officer, also addressed reports that mainland Chinese investors could soon have access to Hong Kong ETFs.
He stated that real estate accounts for 70% of Chinese wealth and 100 million unoccupied homes exist. The Chinese Communist Party [CCP] requires an alternative asset to alleviate societal dissatisfaction.
In another piece, Paik outlined many trade agreements between the Shanghai and Hong Kong markets that might allow Chinese investors to buy spot BTC ETFs in Hong Kong.
Aside from the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the Qualified Domestic Institutional Investor program enables qualified Chinese institutional investors (banks, funds, and insurance firms) to invest in foreign markets, including Hong Kong.
Another trading agreement between Hong Kong and mainland China, known as mutual recognition of funds, allows eligible mainland and Hong Kong funds to be dispersed in each other's markets.
In 2021, China will prohibit Bitcoin mining and international cryptocurrency exchanges from serving mainland consumers. Despite a blanket ban on cryptocurrency-related businesses and services, Chinese courts have ruled that Bitcoin is legal property in many jurisdictions.
Photo: Microsoft Bing
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