Huobi Tech Will Launch Crypto Tracking ETF In Hong Kong

Huobi Tech will launch crypto tracking ETFs in Hong Kong for retail investors but keep in mind that this platform has no relation with the crypto company Huobi Global and works independently so let’s read more in our latest cryptocurrency news today.

Huobi Tech is a public listed fund manager in Hong Kong who plans to launch a crypto-tracking ETF for retail investors. The Hong Kong Stock Exchange-listed company submitted a proposal to the regulator for its crypto ETF and this new product will be focused on retail investors that have assets less than $1 million.

The vice president of the company Romeo Wang noted that a Hong-Kong regulated crypto ETF will offer better security to investors and also said that they are engaged actively with the SFC hoping to maintain positive communication and offer regulated ETF products on the market. Huobi is banking on the newest relaxation of crypto ETF products for retail investors that were brought up earlier limited for professional investors alone. The chief regulatory bodies in Hong Kong released a new circular offering limited exceptions for the retail traders to take part in the ETF market and trade on regulated exchanges in the UK and the US.

The circular classified virtual asset-based products into two categories complex and non-complex where only the non-complex type will be allowed for retail traders. The Hong Kong regulators imposed strict measures to limit crypto trading for professionals with a few exceptions. All traders with $1 million in assets are considered professional and they are allowed to trade in virtual assets via regulated offerings.

Huobi Tech was known as Patronics Holdings and it shifted its focus from electronic products to the digital asset market recently. It does share a name with the popular crypto exchange group Huobi Global but it does work independently not related to the crypto giant. Huobi Technology works as a fund manager with an interest in virtual asset markets so, before the current proposal for retail crypto ETF, the company launched a crypto over the counter desk back at the beginning of March.