The first wave of spot Bitcoin and Ether exchange-traded funds (ETFs) have been officially approved to start trading in Hong Kong on April 30.
Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), declared the official approval of the first batch of Bitcoin and Ether ETFs on April 24, according to a press release shared with Cointelegraph.
The first batch of approved Hong Kong-based ETFs also include China Asset Management’s (ChinaAMC) Bitcoin and Ether-based ETFs, which will start trading on April 30.
The ETFs will offer retail and institutional investors a safer and more convenient way to invest in the underlying digital assets under a regulated framework, according to Thomas Zhu, head of digital assets and head of family office business at ChinaAMC. He wrote in the official announcement:
“The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians. With the growing adoption of ETFs in institutional asset allocation and retail trading in Hong Kong, we expect robust demand for our offerings.”
There are currently over 205 approved ETFs in Hong Kong, according to the financial regulator’s homepage.
List of approved Hong Kong ETFs. Source: SFC
Related: Hong Kong approves first Bitcoin and Ether ETFs
This is a developing story, and further information will be added as it becomes available.
