Regulators in Hong Kong have granted initial approval for new exchange-traded funds (ETFs) that will track the value of Bitcoin (BTC) and Ethereum (ETH).
According to a report from CNBC, Hong Kong-based funds have confirmed that regulators have given the green light for spot BTC and ETH ETFs. The Securities and Futures Commission (SFC), Hong Kong’s securities regulators, has approved three ETF providers to offer these products: ChinaAMC, Harvest Global, and Bosera International.
ChinaAMC is currently developing a spot Bitcoin and Ethereum ETF, with OSL Digital Securities serving as the custodian for the cryptocurrencies. The launch date for these ETF products has not yet been determined.
Last week, it was reported that Harvest Fund Management was expected to receive permission to launch a spot market BTC ETF. The SFC had previously granted Harvest and China Asset Management the clearance to provide crypto management services on April 9.
In the United States, the Securities and Exchange Commission (SEC) approved spot market ETFs for Bitcoin in January, following a court ruling that required the regulatory agency to reconsider its stance on these products in order to maintain consistency.
Since the approval of Bitcoin ETFs in the US, the price of BTC has increased by over 36%.
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