Hong Kong green lights first Bitcoin, Ether EFTs

So far, three offshore fund managers said they will launch virtual asset management services soon.

Three fund managers have secured the approval of Hong Kong for its first spot Bitcoin and Ether exchange-traded funds (ETFs).

The Hong Kong unit of China Asset Management said in a statement it received “regulatory approval from the Securities and Futures Commission of Hong Kong (SFC) for the provision of virtual asset management services.”

Together with its partners, it said it was also allocating resources for the development of spot Bitcoin ETF and spot Ethereum ETF. 

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In a separate statement, Bosera Funds (International) Limited said the approval from SFC allows it to expand its business scope to include asset management services related to virtual assets. Its partner, HashKey Capital, also secured the approval to upgrade its offerings to include virtual asset fund product services to retail investors.

The third asset manager who was given authorisation was the Hong Kong unit of Harvest Fund Management.