Hong Kong gives approval to first bitcoin, ether spot ETFs, say funds

Hong Kong gives approval to first bitcoin ether spot ETFs say funds on Monday, money manager told, making the path for city to become Asia first to accept the cryptocurrencies as mainstream investment tool.
The Hong Kong units of Harvest Fund Management and Bosera Asset Management told in statements they had received approvals from the Hong Kong Securities and Futures Commission SFC to launch the ETFs.
The Hong Kong unit of China Asset Management ChinaAMC HK told it had received regulatory approval on Monday to provide virtual asset management services and firm was developing Spot ETFs of bitcoin and ether.
Three offshore Chinese asset managers will launch the virtual asset spot ETFs soon.
The step comes three months after the U.S. launched its first ETFs to track spot bitcoin.
Those ETFs have drawn roughly $12 billion in net inflows.
Cryptocurrency is banned in mainland China Hong Kong has been promoting the city as global digital asset hub as part of drive to boost its attraction as financial centre
The regulator did not comment on details of virtual asset spot ETFs.
The step comes three months after US launched its first RTFs to track spot bitcoin.
ETFs have drawn roughly $12 billion in net inflows.
Cryptocurrency is banned in mainland China, Hong Kong has promoting the city as global digital asset hub as part of drive to boost attraction as financial centre.
Bosera will launch its product in cooperation with Hong Kong based Hashkey Capital.
Virtual asset spot ETFs in Hong Kong will introduce an in kind subscription mechanism that permit investors to buy into ETF shares using bitcoin or ether directly Bosera said.
The introduction of virtual asset spot ETFs not only provides investor with new asset allocation chances but also reinforces Hong Kong status as international financial centre and hub for virtual assets.
Bitcoin has earned more than 50% this year and hit an all time high of $73,8-3 in March. It was trading at $66,000 on Monday.
Chinese financial institutions faced with faltering Chinese markets in latest years
The conditional approval will help Harvest Global goal of promoting industry innovation and meet diverse demand among investors Harvest Global Investment CEO Han Tongli added.
Bitcoin has earned more than 50% this year and hit an all time high of $73,803 in March it was trading at around $66,000 on Monday.

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