Hong Kong gives green light for ETF approval

HONG Kong has granted 'conditional approval' to its first spot Bitcoin and Ethereum exchange traded funds.

The move will likely lead to it becoming the first place in Asia to allow the trading of cryptocurrency as a mainstream investment.

Three China-based offshore asset managers have already declared they are set to launch digital asset ETFs, while Hong Kong's own Harvest Fund Management and Bosera Asset Management this morning announced they had been approved by the Securities and Futures Commission.

China asset Management also confirmed its Hong Kong arm had been given the green light by the SFC to provide digital asset services.

"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 stated.

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