Regulators in Hong Kong have given their first approval to new exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH).
According to a new CNBC report, Hong Kong-based funds say regulators have approved spot BTC and ETH ETFs.
According to the report, Hong Kong’s securities regulators, the Securities and Futures Commission (SFC), have approved three ETF providers to offer ETF products: ChinaAMC, Harvest Global and Bosera International.
ChinaAMC is developing a spot Bitcoin and Ethereum ETF, with digital asset firm OSL Digital Securities as crypto custodian.
The launch date for the ETF products has yet to be determined.
Last week, reports surfaced that Harvest Fund Management was in line for permission to launch a BTC ETF on the spot market, while on April 9, the SFC granted permission to Harvest and China Asset Management to offer crypto management services , the report said.
The U.S. Securities and Exchange Commission (SEC) approved spot market ETFs in the U.S. in January after a court ruled that the regulator must reconsider its position on such products to remain consistent.
Since the approval of the Bitcoin ETFs in the US, BTC has risen by over 36%.
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