Huobi Tech Files to List Crypto ETF Product in Hong Kong

Retail investors with a capital base of at most HK$8 million (US$1 million) will soon be able to gain exposure to a crypto-based Exchange Traded Fund (ETF) product as the Huobi Tech asset management firm has reportedly filed for such a product with the Securities and Futures Commission (SFC).


Huobi Tech, an independent asset manager with no affiliation with the cryptocurrency trading outfit, Huobi Global, is riding on the recent allowance granted by Hong Kong authorities to extend the accessibility to regulated crypto ETF products beyond the reach of only professional traders or investors.

To get “all the trading and redemption done directly in Hong Kong … would give better protection to investors, as the fund will be regulated under Hong Kong law,” said Huobi Tech’s senior vice-president Romeo Wang, without commenting on Huobi’s application. “We will keep close and positive communications with regulators including the SFC” to “obtain the proper licences and approvals.”

The demand for related crypto products is growing at a fast pace the world over. The permission by the Hong Kong authorities to permit the trading of these unique ETF products is a sign that the government’s focus is essentially on powering the growth of these developing asset classes across the board. 

Cryptocurrencies are still considered relatively volatile and risky as an investment asset. Many regulators, including the United States Securities and Exchange Commission (SEC), have not approved a full-fledged spot Bitcoin ETF product, with a slew of rejections. 

Even though ProShares and VanEck are actively managing Bitcoin futures-based ETF as approved by the SEC, the more conservative investors are still awaiting a full-fledged Bitcoin or spot crypto ETF, a milestone that the SFC has proven to be well ahead of the US regulator per its recent disposition.

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Surveillance Firm Launches Launches Push Towards Crypto Market Safety With 16 Other Industry Leaders

New York-based crypto surveillance firm Solidus Labs is teaming up with leading digital asset exchanges, trading firms and industry associations to launch a new crypto market safety initiative.

In a statement, the Crypto Market Integrity Coalition (CMIC) outlines how it will make the crypto market a safer space amid the emergence of new risks.

“The market integrity pledge introduced by the coalition is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse. “

The initiative also wants to engage with regulators to address the challenges in the industry.

“Over time, the coalition will take further steps, including advancing training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks that can address crypto and decentralized finance’s unique cross-market supervision challenges.”

Solidus Labs initiated the formation of the group and co-founded the coalition with 16 other industry leaders, namely Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, CrossTower, BitMex, Bitstamp, Securrency, Elwood Technologies, CryptoCompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUK, and Liberty City Ventures.

The CMIC says it is inviting other members of the crypto community to join the coalition.

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Featured Image: Shutterstock/Oceloti/Natalia Siiatovskaia


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