Hong Kong spot crypto ETFs to start trading next week

Cryptocurrency is banned in mainland China, but Hong Kong has been promoting itself as a global , part of a drive to boost its attraction as a financial centre.

Several leading international crypto exchanges and funds at times in the past decade have had major operations in Hong Kong, though there have also been periods when many have left, with industry players blaming regulatory requirements.

The approval of the new Hong Kong products comes just three months after the U.S. launched its first ETFs to track spot bitcoin. Those ETFs have already drawn roughly $12 billion in net inflows, and contributed to a surge in bitcoin's price earlier this year.

Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management, the latter in partnership with local cryptocurrency firm Hashkey, said they aimed to launch their products by April 30.

Bitcoin has gained more than 50% this year and hit an all-time high of $73,803 in March. It was trading at around $65,000 on Wednesday.

Source: Forex-Markets-Economic Times