According to PANews, executives from Hong Kong-based asset management firms, Harvest Fund Management and GaoSheng International, have confirmed their efforts to develop financial products backed by cryptocurrency spot ETFs. The announcement was made at the recent Bitcoin Asia conference. David Bailey, co-founder and CEO of BTC Inc., stated that the existence of ETFs to some extent acknowledges the continued existence of Bitcoin. He added that it was unlikely for Hong Kong to have launched ETFs unintentionally. The Hong Kong government is highly supportive of hosting Bitcoin conferences and sees Bitcoin as a significant opportunity for the city.