Hong Kong has given asset managers preliminary approval to open spot trading funds for bitcoin and ethereum, Bloomberg reported, a boost to both digital assets and the broader crypto market. Hong Kong is competing with places like Singapore and Dubai to establish itself as a hub for digital asset companies after launching a regulatory regime for virtual asset service providers last year. The authorities' decision to give the green light to spot funds has given a boost to the crypto market. Bitcoin extended gains, rising as much as 4.3% to around $66,629, while ethereum added 6.1% to $3,257.