OSL strengthens partnership with Solomon JFZ in preparation for Hong Kong ETF listing

OSL Chairman and CEO Patrick Pan emphasized in a statement that the approval of Hong Kong’s crypto ETF has played a significant role in promoting the development of the region’s financial economy.

In preparation for the upcoming launch of cryptocurrency ETFs in Hong Kong, OSL Digital Securities (OSL), one of the industry’s leading virtual asset service providers, has strengthened its partnership with securities brokerage firm Solomon JFZ.

The two companies have intensified their collaboration initially based on a comprehensive brokerage agreement to a more comprehensive arrangement that includes advisory and operational support, according to a Friday announcement.

Solomon JFZ will serve as ETF participating dealer

The expanded partnership aims to facilitate the physical subscription and redemption process, which is critical to the successful launch and management of Hong Kong’s first spot Bitcoin and Ethereum ETF.

Earlier this week, Coinspeaker reported that the ETF would begin trading on April 30, 2024.

As one of the participating dealers approved by the Hong Kong Securities and Futures Commission (SFC) to support physical subscriptions and redemptions of spot crypto ETFs, Solomon JFZ will serve as a participating dealer of OSL to provide physical trading for the upcoming cryptocurrency ETF. convenient.

These transactions will enable investors to directly subscribe or redeem ETF shares using the underlying digital assets, without the need to use traditional fiat currencies such as Hong Kong dollars (HKD).

In a statement, Thomas Tam, CEO of Solomon JFZ, expressed their excitement for the launch of the first spot Bitcoin and Ethereum ETF in Hong Kong and highlighted the key role Solomon JFZ plays in it. His words reflected the company's pride in being involved in the launch of this innovative financial product and its satisfaction in being able to contribute to this emerging market.

Thomas Tam, CEO of Solomon JFZ, pointed out in further remarks that the introduction of the physical subscription mechanism will have a profound impact on the country’s digital asset industry and herald major changes. He firmly believes that this mechanism will not only optimize the way investors participate, but will also promote more investors' interest in the Hong Kong market, thereby attracting them to enter and participate in this market. Through the physical subscription mechanism, investors can directly use digital assets to subscribe or redeem ETF shares. This innovative transaction method may increase market liquidity and bring more vitality and opportunities to Hong Kong's financial market.

Promote financial development opportunities

OSL Chairman and CEO Patrick In a statement, Pan expressed his support for the launch of crypto ETFs in Hong Kong and believes that this action will significantly promote the development of the region’s financial economy.

OSL Chairman and CEO Patrick Pan pointed out in the statement that the launch of crypto ETFs will help expand investment opportunities while increasing market liquidity, which is critical to maintaining economic vitality and momentum. He further revealed that OSL is ready to welcome the launch of these emerging investment products in Hong Kong and promised that OSL will support the operation of these new funds.

OSL Chairman and CEO Patrick Pan emphasized the company's commitment to complying with Hong Kong's strict regulatory standards while also continuously providing customers with new products. He mentioned that as the only listed digital asset company in Hong Kong, OSL relies on its strict regulatory compliance and excellent performance record to maintain its leading position in the industry. Pan also cited the company's success in passing the SOC 2 Type 2 audit as strong proof of its compliance and operational quality. He expressed his pride in the company being able to support this critical financial innovation.

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