Hong Kong-based investment firm Victory Securities has revealed its proposed fees for investors for Bitcoin and Ethereum exchange-traded funds (ETFs) following the approval of crypto ETF products in the region. recently browsed.
The announcement comes even though the Hong Kong Securities and Futures Commission ( SFC ) is yet to publish a list of approved ETF issuers.
If approved by the SFC, Victory Securities clients will face proposed fees for Ethereum shares and Bitcoin ETFs in the primary market, at 0.5% to 1% of total transactions, with minimal fees is 850 USD, according to an excerpt of a report. Translation report Chia by Wu Blockchain on April 20.
For investors interested in buying and selling existing ETF shares on the secondary market, the fee will be 0.15% for online transactions and 0.25% for telephone transactions.
Exclusive: Victory Securities internally releases the Hong Kong Bitcoin Ethereum spot ETF subscription guide and discloses its charging standards. Hong Kong securities firms are selling to potential clients.
The original text of the picture is in Chinese, using Google Translate… pic.twitter.com/oCqlU6EoSm
— Wu Blockchain (@WuBlockchain) April 20, 2024
These fees are comparable to those charged by US asset managers offering Spot Bitcoin ETFs.
While various US fees were waived until various points this year, asset manager Franklin Templeton has set fees at 0.19%, while other ETFs range from 0.20 % to 0.90%.
Grayscale Bitcoin Trust (GBTC) charges significantly higher fees at 1.5%.
On April 15, Hong Kong became the latest country to approve a Spot ETF for Bitcoin and Ether.
At least three offshore Chinese asset managers, including Hong Kong units Harvest Fund Management, Bosera Asset Management and China Asset Management (ChinaAMC), plan to launch their Spot Bitcoin and Ether ETFs soon .
While the approval has received praise from many in the cryptocurrency community, including local exchanges in Hong Kong, others are more skeptical about the ETF's success in area.
Bloomberg ETF analyst Eric Balchunas stated in an April 17 post on X
“Mainland Chinese investors may not be eligible to purchase Hong Kong-listed Spot Bitcoin and Ether ETFs as they are prohibited from purchasing virtual assets.”
General Bitcoin News.
