(Yicai) April 25 -- Hong Kong’s financial regulator has approved the first spot Bitcoin and Ether exchange-traded funds in Asia, enabling them to launch by the end of this month.

Three asset managers announced yesterday that the Securities and Futures Commission has given the go-ahead to their cryptocurrency ETFs. As of April 10, 18 institutions had been approved to conduct virtual asset management business in the special administrative region.

China Asset Management Hong Kong will issue a Bitcoin ETF and an Ether ETF on April 29, with the products expected to start trading the following day, the Hong Kong-based unit of China AMC said.

Harvest Global Investment, the Hong Kong branch of China's Harvest Fund Management, said its Bitcoin and Ether ETFs will begin trading at the end of this month.

The SFC also approved the application filed by Bosera Asset Management International and HashKey Capital for two cryptocurrency ETFs, according to the asset manager’s local branch.

Spot crypto ETFs allow investors to directly use virtual currencies to subscribe to funds, offering them a new asset class. Hong Kong earlier approved three crypto ETF futures issued by China Southern Fund Management's unit CSOP Asset Management and South Korean firm Samsung Asset Management.

Recognized by regulators, traded on conventional exchanges, and managed by professional fund companies, spot crypto ETFs provide investors with a safe, efficient, and convenient digital asset allocation tool, said Zhu Haokang, head of digital assets management and family wealth management at China AMC Hong Kong.

Editors: Dou Shicong, Futura Costaglione