Hong Kong Grants Conditional Approvals for Bitcoin, Ether ETFs

Hong Kong has conditionally approved its first exchange-traded funds that invest directly in bitcoin and ether, several asset management firms said, a move that could boost the city’s status as a crypto hub and funnel more investor capital into the two biggest crypto tokens.

At least three offshore Chinese asset managers plan to launch the ETFs soon. The Hong Kong units of Harvest Fund Management and Bosera Asset Management received conditional approval from Hong Kong Securities and Futures Commission for the ETF products, according to multiple media reports on Monday. China Asset Management’s Hong Kong unit said in a statement it received approval to provide virtual asset management services and is planning to launch bitcoin and ether ETFs.

The timing of the ETF launches is unclear. The launch will be subject to conditions including listing approval by the Hong Kong Exchanges and Clearing Ltd., according to the SFC.