The week started on a strong note, with Bitcoin rising above $66,000, a 3.02% increase over the past day owing to Hong Kong’s ETF development.

With spot cryptocurrency ETFs being all the roar, Hong Kong has joined the trend by granting approval for several spot Bitcoin and Ethereum ETFs on Monday.

Hong Kong Welcomes Spot Bitcoin, Ethereum ETFs

The latest move reflects the city-state’s ongoing efforts to establish itself as a leading crypto hub in the region.

China Asset Management, a prominent asset manager, announced that its Hong Kong division has been given the green light by the Hong Kong Securities and Futures Commission (SFC) to offer retail asset management services linked to spot crypto ETFs.

The next step will be to launch spot Bitcoin and Ethereum ETFs in partnership with OSL and BOCI International.

Harvest Global Investments also revealed that its two spot crypto ETFs have received initial approval from the SFC. The company has roped in OSL to launch these ETFs to address concerns such as excessively high margin requirements.

The Hong Kong regulator has also approved Bosera Asset Management, a Hong Kong-based unit of a major Chinese asset manager, and HashKey Capital to manage two spot crypto ETFs jointly.

The SFC’s approval comes less than a week before the highly anticipated Bitcoin halving event, sparking further optimism in the cryptocurrency market.