Huobi plans to launch a crypto ETF in Hong Kong…Details here
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Answer Huobi plans to launch a crypto ETF in Hong Kong…Details here
Huobi Technology is planning to launch an exchange-traded fund (ETF) that tracks popular cryptocurrencies.
The company, a subsidiary of popular cryptocurrency exchange Huobi Global, intends to target retail investors with its crypto ETF.
Huobi has submitted its application to the Hong Kong Securities and Futures Commission (SFC) and intends to structure the ETF so that it will be accessible to retail investors with total assets of less than HK$8 million (US$1 million).
This move will be the first course of cryptocurrency for retail investors in Hong Kong.
Currently, only cryptocurrency exchanges operating in the city are allowed to serve professional investors.
Huobi bets on flexible crypto laws in Hong Kong:
Hong Kong’s South China Morning Post reports that Huobi is betting on an eventual facilitation for the professional-only base to invest in cryptocurrencies.Read:Binance will add futures trading with the option of leverage of x20
It is also dependent on receiving approval of the ETF by keeping all trades and redemptions in the city only.
Huobi already offers many crypto-related products to professional investors.
It is one of only four fund managers licensed by SFC Hong Kong to do so.
While many US and European markets already host crypto ETFs, retail traders’ options for investing in the space are rather limited in Asia.
But Hong Kong’s friendlier laws, could change that idea.
ETFs are an effective way to attract more investment in cryptocurrencies, since they allow investors to maintain exposure to the space without directly purchasing any digital assets.Read:The crypto community awaits the release of US CPI data…Details here
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