Huobi Tech To Launch Crypto ETF In Hong Kong For Retail Traders

Huobi Tech To Launch Crypto ETF In Hong Kong For Retail Traders

A public-listed fund manager in Hong Kong, Huobi Tech, has plans to launch a cryptocurrency tracking exchange-traded fund (ETF) for retail investors. Huobi Tech has no relation to the cryptocurrency exchange platform, Huobi Global, and operates independently.

The Hong Kong Stock Exchange-listed company has reportedly submitted a proposal to the Securities and Futures Commission (SFC) for its cryptocurrency ETF. The ETF product will focus on retail investors with assets collectively adding up to less than HK $8 million, equivalent to US $1 million, according to an article by China Morning Post.

Romeo Wang, who is the vice president of the firm, expressed the importance of a regulated Hong Kong cryptocurrency ETF as it would offer better security to investors. Wang also noted that they are actively engaged with the SFC and look to maintain positive communication with them going forward to introduce regulated cryptocurrency ETF products in the market.

Resource: CoinQuora