Hong Kong allows trading of Bitcoin and Ethereum-based ETFs
The Securities and Futures Commission (SFC) of Hong Kong has approved the trading of the first spot ETFs based on Bitcoin (BTC) and Ethereum (ETH). The city-state has become the first jurisdiction in Asia where trading of these financial instruments is permitted.
According to TASS, the Hong Kong subsidiary of China Asset Management Fund - ChinaAMC (HK) - has obtained approval. Its partners in the launch will be OSL Digital Securities Limited and BOCI-Prudential Trustee Limited.
It is also reported that as of the end of the year, China Asset Management's assets amounted to $266 billion.
Among the asset managers that have been granted permission to launch spot ETFs are Harvest Global Investments and the joint fund of Bosera Asset Management and HashKey Capital.
The start date of trading has not been announced yet. However, the cryptocurrency market reacted to the announcement from the Hong Kong regulator with growth.
After a sharp market downturn over the weekend amid the conflict in the Middle East, by midday today, the price of Bitcoin reached $66,700, and Ethereum - $3,250.
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