The Hong Kong unit of Beijing-based Harvest Fund Management has secured authorization to launch the much-anticipated cryptocurrency exchange-traded funds.
Harvest Global Investments (HGI) has been officially authorized by the Securities and Futures Commission (SFC) to launch a Bitcoin spot ETF and Ether spot ETF, according to a statement. Both products are expected to start trading on the Hong Kong stock exchange by the end of April.
«This authorization not only reflects Hong Kong's institutional advantages as an international financial center but also demonstrates the region's foresight in financial and technological innovation,» said HGI CEO and chief investment officer Han Tongli.
First Applicant
According to HGI, it was the first to file applications with the SFC for the two crypto ETFs, which leverage a partnership with BOCI-Prudential Trustee and OSL Digital Securities.
«Through this product expansion, HGI aims to further lower the barriers to entry into the digital asset market, effectively address regulatory and custodial challenges, and promote the circulation, popularization, and investment security of cryptographic assets,» Han added. «These measures are expected to enhance the overall financial ecosystem, improving its transparency and efficiency, thereby bolstering investor confidence.»
Digital Asset Hub
The latest authorization marks yet another step in Hong Kong’s efforts to become a digital asset hub. It first introduced its virtual asset trading platform licensing regime in June 2023.
On crypto ETFs, other asset managers like Bosera and China AMC said they have also obtained approval for the provision of virtual asset management and intend to launch their own passive digital asset vehicles. Banks, such as HSBC and UBS, are also prepared to include crypto ETFs in their product offering.
