press release<\/a>, CSOP Bitcoin Futures ETF (3066. HK) and CSOP Ether Futures ETF (3068. HK) would invest in Chicago Mercantile Exchange (CME Group) listed BTC and ETH to track the performance of both cryptocurrencies.<\/p>\n\n\n\n3066.HK and 3068.HK reported $53.89 million and $19.74, respectively, as initial investments ahead of Friday\u2019s listing - with the listing price set at HKD 7.75 per unit, trading lot of 100, and management charges at 1.99%. The statement noted that the new offering is available at a minimum investment of USD 100.<\/p>\n\n\n\n
Hong Kong\u2019s Securities and Futures Commission opened its market for ETFs tracking crypto futures on October 31, 2022, becoming the first Asian country. The latest step, according to the statement, will reportedly allow investors to track the price of both cryptocurrencies seamlessly.<\/p>\n\n\n\n
CME Group Boss Lauds The Step Terming It Demand-Driven<\/h2>\n\n\n\n
Praising the step, the Global Head of Equity and FX Products at CME Group, Tim McCourt, said that the approvals of the two ETFs are important to the Asian investors. He added that the listings are driven by a growing demand for cryptocurrencies in the region, adding that it would create new opportunities for institutional and individual investors.<\/p>\n\n\n\n
Per the announcement, the CSOP Ether ETF and CSOP Bitcoin ETF would be traded as a sub-fund of the CSOP ETF Series \u2013 managed under the country\u2019s financial laws. Both funds will reportedly be denominated in the US dollar.<\/p>\n\n\n\n
CSOP Asset Management Limited was established in 2008 by a Chinese company. However, the asset manager notes that the new ETF products would not be available for investment by any Chinese legal persons following the sector's crackdown by the largest Asian economy.<\/p>\n\n\n\n
\u2018\u2018The CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF are not being offered or sold directly or indirectly in Mainland China to or for the benefit of legal or natural persons of Mainland China.\u2019\u2019<\/em> The statement noted. \u2018\u2018No legal or natural persons of Mainland China may directly or indirectly purchase units of the CSOP Bitcoin Futures ETF or CSOP Ether Futures ETF without obtaining all prior government approvals of Mainland China,\u2019\u2019<\/em> It added.<\/p>\n","post_title":"Hong Kong Welcomes First Bitcoin, Ethereum ETFs By CSOP Asset Management","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"hong-kong-welcomes-first-bitcoin-ethereum-etfs-by-csop-asset-management","to_ping":"","pinged":"","post_modified":"2023-04-10 18:02:37","post_modified_gmt":"2023-04-10 08:02:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8856","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
