(SCMP) Fund manager Huobi Tech has submitted a proposal to the Securities and Futures Commission in Hong Kong to debut a crypto tracking exchange-traded fund for retail investors.
The ETF product will target retail investors with assets of at most HK$8 million or US$1 million.
Huobi vice president Romeo Wang says that a Hong Kong-regulated crypto ETF would accord more security to the investors.
Wang says the firm is actively engaging the SFC for the ETF, pointing out that the fund manager hopes to keep a positive relation for a regulated crypto product in the market.
The Hong Kong listed crypto fund is banking on the relaxation of measures against crypto ETF products for retail investors, with the previous regulations only allowing professional investors.
The move happens when Huobi is shifting attention from electronic to digital asset market products which are growing in importance among retail investors.
BTCUSD is up +1.08%, ETHUSD is up +3.01%
