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.
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.
Huobi Tech increased its tracking efforts to follow bitcoin worth $2 trillion as a result of the relaxation.
Huobi Tech is said to have submitted a strategy for its ETF to the Securities and Futures Commission (SFC).
The ETF would target retail investors with assets of less than HK$8 million ($1 million).