Victory Securities has established fees for its Bitcoin and Ethereum ETFs after the Hong Kong SFC approved crypto ETFs in the region.
Despite the Hong Kong SFC not yet publishing an approved list of issuers, Victory Securities has disclosed its fees for Bitcoin and Ethereum ETFs.The announcement comes even though the Hong Kong Securities and Futures Commission has not yet published the list of approved ETF issuers.
If approved by the SFC, Victory Securities' customers will face proposed fees for Ethereum and Bitcoin ETF shares in the primary market, set at 0.5% to 1% of the total transaction, with a minimum fee of $850, according to an extract of a translated report shared by Wu Blockchain on April 20. For investors interested in buying and selling existing ETF shares on the secondary market, the fees will be 0.15% for online transactions and 0.25% for telephone transactions.The fees are comparable to the competitive rates provided by United States asset managers offering spot Bitcoin ETFs. Although fees are currently waived until August, asset manager Franklin Templeton has set its fee at 0.19%, while other ETFs range between 0.20% and 0.90%.
While the approval saw praise from many in the crypto community including local Hong Kong exchanges, others were more skeptical of the "Mainland China investors probably won’t be eligible to buy Hong Kong-listed spot bitcoin and ether ETFs as they are barred from buying virtual assets," Bloomberg ETF analyst Eric Balchunas recently stated in an April 17a16z snubs crypto, Mango Markets exploiter found guilty and Worldcoin launches blockchain network: Hodler’s Digest, April 14-20
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