Hong Kong conditionally approves first bitcoin and ether ETFs

Hong Kong's securities regulator granted conditional approval for city's first spot-bitcoin and ether exchange traded funds. Photo: Peter PARKS / AFPHong Kong's securities regulator on Monday granted conditional approval to start the city's first spot-bitcoin and ether exchange-traded funds , firms involved said, positioning it as a leader in Asia for the use of cryptocurrencies as investment tools.

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.OSL Digital Securities will provide custody services to China AMC and Harvest to ensure trading safety, the licensed digital assets platform announced Monday.

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.

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