Asia's first spot bitcoin and ether ETFs gain in Hong Kong debut

HONG KONG -Six spot bitcoin and ether exchange traded funds gained in their Hong Kong debut on Tuesday, with the three bitcoin ETFs climbing more than 3% in early trade, reflecting Asian investor enthusiasm for cryptocurrencies.

Cryptocurrency is banned in mainland China, but Hong Kong has been promoting itself as a global digital asset hub, part of a drive to maintain its allure as a financial center. Such an option should be appealing to investors as token owners "may consider the benefit of holding through the ETFs without the cost of first converting to fiat ," said Robert Zhan, risk consulting director at KPMG China.

The management fee of the Hong Kong crypto spot ETFs, ranging between 0.3% to 0.99%, is much higher than the current U.S. listed ones, due to the limited number of regulated service providers under the city's strict legal framework."If Hong Kong SFC approves more participants or trading platforms in the long run, it will make the costs lower and more competitive," said Alex Chiu, senior strategist of ETF Business at Value Partners.

Source: Digital Coin News (digitalcoinnews.net)

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