Several spot bitcoin and ether exchange-traded funds (ETFs) received approvals in Hong Kong on Monday; the event appears to have boosted the prices of major cryptocurrencies, with Bitcoin and Ether up 3% and 5% respectively.

The newly approved ETFs from Bosera and Hashkey will allow investors to subscribe using bitcoin and ether directly. However, the launch timeline remains unspecified, as reported by The Block and posted on Weixin.

Key Points:

• China Asset Management’s Hong Kong unit has been approved by the Hong Kong Securities and Futures Commission (SFC) to offer retail asset management services for spot crypto ETFs.
• Harvest Global Investments announced that its two spot crypto ETFs have received in-principle approval from the SFC.
• Bosera Asset Management and HashKey Capital reported conditional approval from the SFC for their two spot crypto ETFs. The specifics of the conditional approval were not disclosed.

Hong Kong has been very strict when it comes to cryptocurrency regulations as of late, preferring all operators to be regulated instead of setting up shop without registering.

Last year, it went after multiple unregistered crypto exchanges, most prominently JPEX, which Hong Kong regulators said was operating without a license in the region.

This is a developing story.

This article is published on BitPinas: Bitcoin Price Up as Hong Kong Approves Spot ETF

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