Hong Kong approves first bitcoin, ethereum spot ETFs

HONG KONG’S securities regulator approved the first spot bitcoin and ethereum exchange traded funds (ETFs) on Monday (Apr 15), a milestone on the way to becoming Asia’s first city to accept the popular cryptocurrencies as a mainstream investment tool.

In separate statements, the Hong Kong unit of Bosera Asset Management and China Asset Management said they had received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs.

The step comes just three months after the US launched the first US-listed ETFs to track spot bitcoin. The US launch set an example for other regions, as it has already drawn roughly US$12 billion in net inflows. REUTERS