Huobi Tech, a public-listed fund manager, is set to launch a crypto tracking exchange-traded fund (ETF) for retail investors, according to a report by CoinTelegraph on Tuesday.
The Hong Kong Stock Exchange-listed company has applied to the Securities and Futures Commission (SFC) for its cryptocurrency ETF.
The new ETF product will target retail investors with assets less than $1 million (HK$8 million).
Romeo Wang, the Vice President of Huobi Tech, stated that a Hong Kong-regulated crypto ETF would provide better security to investors, further noting the proactive engagement with SFC to provide regulated crypto ETF offerings in the market.
Huobi is optimistic about a recent relaxation on crypto ETF offerings for retail investors, which were initially limited to only professional investors.
Hong Kong has imposed regulations limiting cryptocurrency trading for professionals. Meanwhile, traders with assets worth over $1M are considered professional and allowed to trade in virtual assets. Huobi Tech up +1.72%, BTCUSD up +0.87%