Hong Kong approves first bitcoin, ethereum spot ETFs

FILE PHOTO: Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

SHANGHAI: Hong Kong's securities regulator approved the first spot bitcoin and ethereum exchange traded funds (ETFs) on Monday, a milestone on the way to becoming Asia's first city to accept the popular cryptocurrencies as a mainstream investment tool.

In separate statements, the Hong Kong unit of Bosera Asset Management and China Asset Management said they had received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs.