Hong Kong is reportedly set to approve the launch of spot market Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) as early as next week, according to an anonymous report by Bloomberg. The report suggests that Chinese asset manager Harvest Fund Management and a partnership between Bosera Asset Management and HashKey Capital are expected to receive approval for BTC and ETH ETFs from Hong Kong’s Securities and Futures Commission (SFC) on Monday. If approved, the ETFs could be launched by the end of the month. Earlier this week, it was reported that Harvest Fund Management was poised to receive permission to launch a spot market BTC ETF, and on April 9, the SFC granted Harvest and China Asset Management clearance to offer crypto management services. Spot market ETFs in the US were approved by the U.S. Securities and Exchange Commission (SEC) in January, following a court ruling that the agency must reconsider its stance on such products for consistency. The court found that since the SEC had previously approved futures BTC ETFs, it made no sense to disapprove of spot market ones. The launch of spot ETFs in the US resulted in tens of billions of dollars worth of BTC inflows. Hong Kong has already given the green light for futures-based digital asset ETFs, including CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures, which have a combined asset value of $170 million.