Hong Kong Exchanges and Clearing Limited (HKEX) has announced the launch of two crypto asset ETFs today: CSOP Bitcoin Futures ETF (stock code: 3066) and CSOP Ether Futures ETF (stock code: 3068). This will be the first crypto asset ETF exposure in Asia.
This development will make Asia receptive to more digital asset products and help it regain its status as a crypto hub. The CSOP Asset Management Limited will manage the ETFs and provide a regulated environment for transactions with the assets. Prior to the launch, the company had invested $79 million to contribute to the project’s success.
Wilfred Yiu, HKEX’s COO and Head of Markets, commented on the launch, saying:
“The two crypto asset ETFs listing today are an exciting addition to our increasingly large and diverse ETP ecosystem here in Hong Kong. They provide investors with exposure to the digital asset space for the first time in Asia and reflect both our ongoing commitment to, and the market’s appetite for, the digital economy. We look forward to welcoming more themed ETFs and more digital asset products to our markets in the months ahead.”
HKEX is one of the world’s largest exchange groups, with a market capitalization of $43 trillion, according to its website. The firm offers equity products, single stock derivatives, commodity derivatives, and currency futures to its local and international markets.
The Hong Kong Legislative Council recently passed an amendment to support virtual asset service providers in the country. The new rules require financial institutions to properly track customers’ records of crypto transactions and penalize fraudulent sales of digital assets.
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