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Hong Kong’s securities regulator granted conditional approval for city’s first spot-bitcoin and ether exchange traded funds – Copyright AFP Peter PARKS<\/small><\/em><\/p>\nHong Kong\u2019s securities regulator on Monday granted conditional approval to start the city\u2019s first spot-bitcoin and ether exchange-traded funds (ETFs), firms involved said, positioning it as a leader in Asia for the use of cryptocurrencies as investment tools.<\/p>\n
ChinaAMC (HK), the city\u2019s unit of China Asset Management, said in a statement it had received regulatory approval from Hong Kong\u2019s Securities and Futures Commission of Hong Kong (SFC) for the provision of virtual asset management services.<\/p>\n
The company is \u201cactively deploying resources in the development of spot Bitcoin ETF and spot Ethereum ETF\u201d, it said.\u00a0<\/p>\n
This will be done in partnership with BOCI-Prudential Trustee Limited, a joint venture of the fund management arm of Bank of China (HK) and the British multinational insurance firm.<\/p>\n
Two other fund managers \u2014 the Hong Kong units of Harvest Fund Management and Bosera Asset Management \u2014 also said they had received conditional approvals from the SFC, Bloomberg reported.<\/p>\n
The SFC declined to comment on individual applications.<\/p>\n
OSL Digital Securities will provide custody services to China AMC and Harvest to ensure trading safety, the licensed digital assets platform announced Monday.\u00a0<\/p>\n
\u201cThis collaboration marks a critical advancement in the financial landscape of the region, heralding a new chapter in digital asset investments,\u201d OSL said in a statement.\u00a0<\/p>\n
Hong Kong has been trying to edge ahead as a regional digital asset hub as its international financial centre status has been dented by political turmoil in recent years and China\u2019s economic downturn.<\/p>\n
The latest move came three months after the United States gave the green light to ETFs pegged to bitcoin\u2019s spot price, making it easier for mainstream investors to add the unit to their portfolio.<\/p>\n
Hong Kong is also widely considered an experimental field for including cryptocurrencies as mainstream investment tools \u2014 which are banned in mainland China.<\/p>\n
\u201cThe financial hub is looking to establish itself as a competitor in the space competing with Dubai and Singapore as regulators open up crypto markets to institutional demand,\u201d said James Harte, an analyst from Tickmill.\u00a0<\/p>\n
He added that Bitcoin futures were down \u201caround 7 percent at the lows of the day before sentiment reversed on\u201d Hong Kong\u2019s news.\u00a0<\/p>\n
Last December, the city\u2019s SFC said it was ready to allow retail investors to buy funds that are 100 percent invested in some of the digital assets, triggering the first wave of applications from fund managers.\u00a0<\/p>\n<\/p><\/div>\n
Hong Kong conditionally approves first bitcoin and ether ETFs
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#Hong #Kong #conditionally #approves #bitcoin #ether #ETFs<\/p>\n","protected":false},"excerpt":{"rendered":"
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