Huobi Tech intends to launch a cryptocurrency ETF in Hong Kong.

Huobi Tech, a Hong Kong-based fund manager, is planning to launch a cryptocurrency-tracking exchange-traded fund (ETF) aimed at retail investors.

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This action follows the city's recent recommendations for the selling of virtual assets, which included a relaxation of restrictions on retail ownership of overseas ETFs.

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Huobi Tech increased its tracking efforts to follow bitcoin worth $2 trillion as a result of the relaxation.

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Huobi Tech is said to have submitted a strategy for its ETF to the Securities and Futures Commission (SFC).

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The ETF would target retail investors with assets of less than HK$8 million ($1 million).

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