Hong Kong is set to launch spot bitcoin exchange-traded funds (ETFs) this month, potentially making it Asia’s first city to offer such ETFs, with approvals expected next week. This development could significantly boost Hong Kong’s appeal as a global financial hub, which has waned due to recent economic and geopolitical challenges. Adrian Wang, CEO of Metalpha, highlighted the potential for these ETFs to attract global investment, and advance cryptocurrency adoption. The anticipated launch has surpassed industry expectations, which had projected later in the year. Several Hong Kong and mainland Chinese asset managers, including units of China Asset Management and Harvest Fund Management, have applied to introduce these ETFs. Crypto trading remains banned in mainland China, but its financial institutions are keen to explore opportunities in Hong Kong.