Hong Kong approved the launch of several spot bitcoin and ethereum exchange-traded funds (ETFs).
The Hong Kong units of Harvest Fund Management and Bosera Asset Management said in separate statements that they had received initial approvals from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs.
“The introduction of the virtual asset spot ETFs not only provides investors with new asset allocation opportunities but also reinforces Hong Kong’s status as an international financial centre and a hub for virtual assets,” Bosera Asset Management (International) said in its statement.
Bosera will launch its product in partnership with Hong Kong-based HashKey Capital.
Meanwhile, ChinaAMC (HK), the Hong Kong unit of China Asset Management, said it had received approval from the city’s Securities & Futures Commission for the provision of virtual asset management services and is deploying resources to develop products.
The step comes just three months after the U.S. launched its first ETFs to track spot bitcoin. Those ETFs have already drawn roughly $12 billion in net inflows.
While cryptocurrency is banned in mainland China, Hong Kong has been promoting the city as a global digital asset hub, as part of a drive to boost its attraction as a financial centre.