CSOP Asset Management has received approval to list its Bitcoin and Ethereum exchange-traded funds (ETFs) on the Hong Kong Stock Exchange by Dec. 16.
CryptoSlate reported on Oct. 31, that the government of Hong Kong released its crypto policy statement which allowed retail investors to legally invest in crypto assets.
Simultaneously, the Hong Kong Securities and Futures Commission (SFC)opened applications for interested ETF providers. CSOP submitted its application to offer the Bitcoin and Ethereum ETFs.
According to a Dec. 13 update, the SFC has approved CSOP’s ETF application. Consequently, the CSOP Bitcoin Futures ETF (3066.HK) and CSOP Ethereum Futures ETF (3068.HK) will be listed for trading on the Hong Kong Stock Exchange on Dec. 16.
CSOP is expected to entrust the underlying Bitcoin and Ethereum assets with an independent custodian. The ETFs will be duly regulated by the regulatory commission, to avoid market manipulations that will undermine investors’ interest.
As per qq news, Huasheng Securities has exclusively subscribed for the first set of CSOP’s Bitcoin and Ethereum ETFs.
“The cooperation with CSOP to launch the first virtual asset futures ETF in Hong Kong will provide investors with new options for financial management and investment.”
CSOP added that its active promotion of virtual asset products will help Hong Kong become a global hub for cryptocurrency.
Crypto in Hong Kong
Hong Kong recently became the first city in China to take a positive stance on crypto.
Hong Kong official John Lee’s proposal of Oct. 19 saw the region establish a regulatory body mandated to regulate and issue licenses to virtual assets providers.
The crypto policy statement released by the Hong Kong government on Oct. 31, showed its interest in crypto and directive to allow retail investors direct exposure to crypto.
The government of Hong Kong also stated its willingness to adopt the underlying technologies behind crypto assets to improve its existing payment system.