Retail investors with a capital base of HK$8 million (US$1 million) may soon be able to obtain exposure to a crypto-based Exchange Traded Fund (ETF) product, according to reports that the Huobi Tech asset management firm has registered for such a product with the Securities and Futures Commission (SFC).
Huobi Tech, an independent asset unaffiliated manager with the cryptocurrency trading firm Huobi Global, is progressing on recent permission given by Hong Kong authorities to expand access to regulated crypto ETF products beyond the reach of solely professional traders or investors.
“All trading and redemption would be done directly in Hong Kong… would afford stronger protection to investors, as the fund will be governed by Hong Kong law,” said Huobi Tech’s senior vice president Romeo Wang, without commenting on Huobi’s application. “We will maintain close and positive engagement with authorities, particularly the SFC,” in order to “get the necessary permits and approvals.”
The global market for connected crypto products is increasing at a rapid pace. The Hong Kong authorities’ approval of the trading of these unique ETF products indicates that the government’s priority is to power the expansion of these growing asset classes across the board.
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