Hong Kong's crypto spot ETF move beats regional peers

Hong Kong’s financial regulator signalled its commitment to bolster the city’s position as a cryptocurrency hub after several local asset managers announced their intention to proceed with applications for virtual asset licenses.

Investment managers including Bosera Asset Management, Harvest International, and China Asset Management Company have been launching, through their Hong Kong subsidiaries, exchange traded funds ETFs that will hold cryptocurrencies.

The move reflects the Securities and Futures Commission’s SFC ongoing pursuit to facilitate cryptocurrency as a professional asset class, said Matthew Le Merle, founder of Blockchain Coinvestors, speaking to FinanceAsia. While he expected additional supervision from the SFC to promote the...