Hong Kong conditionally approves first bitcoin and ether ETFs / Photo: Peter PARKS - AFP
-
'His feet are his pillars': Nepal para swimmer gives all for Asian glory
-
Migrants, rescue ships face threats, harassment at sea: aid group
-
New Zealand moves to ban social media for under-16s
-
UEFA's Ceferin tells Infantino to go, but 'not interested' in replacing him
-
Hyundai union back in wage talks after rare full-day strike
-
Oil falls as Trump pledges economic war on Iran
-
Shein grapples with EU backlash, but clients keep coming
-
Yamashita marches to nine-shot win in LPGA Canadian Women's Open
-
Key facts about Chinese-founded fast-fashion giant Shein
-
Gauff powers past Pegula to win US Open warm-up in Cincinnati
-
Shein to make market debut in Hong Kong in September
-
Japan's Olympic figure skating heroes to wed
-
Fils tops Tiafoe to claim first ATP Masters title in Cincinnati
-
Cummins eyes ODI return ahead of 'big' South Africa Test series
-
Gauff powers past Pegula to win Cincinnati WTA 1000 crown
-
India police used excessive force during protests: Amnesty
-
Ukraine backers gather as war escalates, air defence runs low
-
Rookie La Sasso wins LIV season-ender as tour's future in doubt
-
Syria says Israel talks addressed de-escalation, staying out of Israel-Turkey tensions
-
Fils tops Tiafoe to claim first ATP Masters title in Cincinnati bb/amz
-
Tourism boom pushes limits of Athens air traffic control
-
Clark fends off McIlroy to win BMW Championship
-
Liga holders Barcelona crush Elche, Atletico salvage Villarreal draw
-
Raphinha, Lopez hit braces as Barcelona trounce Elche
-
Spain's World Cup hero Torres saves PSG's blushes at Rennes
-
Macron hosts Saudi crown prince for visit ranging from esports to Mideast
-
Swiss forward Embolo joins Atlanta United
-
Jamieson gets Trump call after ending 14-year golf title drought
-
Former cricket captains appeal to Pakistan over Khan health care
-
Norwegian King Harald's health has 'deteriorated': palace
-
Latest 'Spider-Man' tops American box office for 4th weekend
-
Man City snatch late win in Maresca debut, Iraola's Liverpool rescue dramatic draw
-
Szoboszlai's last-gasp leveller rescues Liverpool in Newcastle draw
-
Trump takes starring role at Washington's IndyCar debut
-
Landfill collapse kills 30 in Guinea
-
Villa boss Emery says it's down to Watkins to explain absence
-
'Unbelievable' Cherki proves his point to Man City boss Maresca
-
Duplantis labours to 'super difficult' pole vault win at Silesia Diamond League
-
10-man Atletico snatch Villarreal draw as Alvarez returns
-
Max smash at zany Zandvoort: Three stories from the Dutch GP
-
Seville, Jefferson-Wooden roar to 100m wins at Silesia Diamond League
-
Brennan sprints to Vuelta stage two victory, Pogacar keeps red
-
VW chief warns carmaker's situation 'more than critical'
-
Duplantis conquers pole vault at Silesia Diamond League
-
England cricketer Carse under investigation after 'nightclub incident'
-
France's badminton gold winners set for obscurity back home
-
McLaren's Norris wins Dutch GP after Verstappen crash
-
Brighton start Premier League season with rout of 10-man Villa
-
Giroud scores as Lille give Davide Ancelotti winning start
-
Maresca makes winning start with Man City after dramatic fightback
Hong Kong conditionally approves first bitcoin and ether ETFs
Hong Kong's securities regulator on Monday granted conditional approval to start the city's first spot-bitcoin and ether exchange-traded funds (ETFs), firms involved said, positioning it as a leader in Asia for the use of cryptocurrencies as investment tools.
ChinaAMC (HK), the city's unit of China Asset Management, said in a statement it had received regulatory approval from Hong Kong's Securities and Futures Commission of Hong Kong (SFC) for the provision of virtual asset management services.
The company is "actively deploying resources in the development of spot Bitcoin ETF and spot Ethereum ETF", it said.
This will be done in partnership with BOCI-Prudential Trustee Limited, a joint venture of the fund management arm of Bank of China (HK) and the British multinational insurance firm.
Two other fund managers -- the Hong Kong units of Harvest Fund Management and Bosera Asset Management -- also said they had received conditional approvals from the SFC, Bloomberg reported.
The SFC declined to comment on individual applications.
OSL Digital Securities will provide custody services to China AMC and Harvest to ensure trading safety, the licensed digital assets platform announced Monday.
"This collaboration marks a critical advancement in the financial landscape of the region, heralding a new chapter in digital asset investments," OSL said in a statement.
Hong Kong has been trying to edge ahead as a regional digital asset hub as its international financial centre status has been dented by political turmoil in recent years and China's economic downturn.
The latest move came three months after the United States gave the green light to ETFs pegged to bitcoin's spot price, making it easier for mainstream investors to add the unit to their portfolio.
Hong Kong is also widely considered an experimental field for including cryptocurrencies as mainstream investment tools -- which are banned in mainland China.
"The financial hub is looking to establish itself as a competitor in the space competing with Dubai and Singapore as regulators open up crypto markets to institutional demand," said James Harte, an analyst from Tickmill.
He added that Bitcoin futures were down "around 7 percent at the lows of the day before sentiment reversed on" Hong Kong's news.
Last December, the city's SFC said it was ready to allow retail investors to buy funds that are 100 percent invested in some of the digital assets, triggering the first wave of applications from fund managers.
O.Salvador--PC
