Hong Kong Greenlights Initial Approval for Spot Bitcoin and Ethereum ETFs: Report

Regulators in Hong Kong have given their initial approval of new exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH).

Hong Kong-based funds say regulators have approved spot BTC and ETH ETFs, according to a new CNBCreport.

According to the report, Hong Kong’s securities regulators, the Securities and Futures Commission (SFC), have approved three ETF providers to provide ETF products: ChinaAMC, Harvest Global, and Bosera International.

ChinaAMC is developing a spot Bitcoin and Ethereum ETF, with the digital assets firm OSL Digital Securities as the crypto custodian.

The launch date for the ETF products has yet to be set.

Last week, reportssurfacedthat Harvest Fund Management was in line to get permission to launch a spot market BTC ETF while the SFC granted Harvest and China Asset Management clearance to provide crypto management services on April 9, according to the report.

The U.S. Securities and Exchange Commission (SEC) approved spot market ETFs in the US in January after a court ruled that the regulatory agency must reconsider its stance on such products to remain consistent.

Since the approval of the Bitcoin ETFs in the US, BTC is up over 36%.

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This article was originally reported on The Daily Hodl.