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Hong Kong has approved asset managers to list physically backed bitcoin and ether exchange-traded funds (ETFs), the firms said, sending the price of bitcoin, ether and the broader crypto market higher.
The Hong Kong arm of China Asset Management said it had received approval from the Securities and Futures Commission (SFC) to provide virtual asset fund management services and is in the process of developing such a product.
In a statement, OSL Digital Securities Ltd. said it will provide custody services for bitcoin and ether-related products from both China Asset Management and Harvest.
The move is part of Hong Kong’s push to establish itself as a major financial hub in Asia. The city is competing with Singapore and Dubai to become a center for crypto businesses after rolling out a licensing regime for virtual-asset service providers last year.
