Hong Kong first in Asia to allow ETF trading based on Bitcoin and Ethereum cryptocurrencies

Hong Kong’s Securities and Futures Commission (SFC) has approved trading of the first spot ETFs based on the cryptocurrencies Bitcoin and Ethereum. Thus, the city became the first jurisdiction in Asia to allow trade in such products, Report informs referring to TASS.

The Hong Kong division of the China Asset Management, ChinaAMC (HK), has received the appropriate permission.

Its partners in launching such products will be OSL Digital Securities Limited and BOCI-Prudential Trustee Limited.

At the end of the year, China Asset Management’s assets amounted to $266 billion.

The cost of Bitcoin has increased by more than 60% since the beginning of the year and reached a record $73,800 in March. In January, the first Bitcoin-based spot ETF launched in the US. This product has already recorded an influx of investment of about $12 billion.