Hong Kong Securities and Futures Commission (SFC) has reportedly approved the city’s first spot Bitcoin and Ethereum exchange-traded funds (ETFs), managed by China Asset Management (Hong Kong) and several other applicants.

China Asset Management (Hong Kong) has reportedly partnered with OSL Digital Securities and BOC International Prudential Trusteeship to issue spot Bitcoin and Ether ETFs.

Hong Kong’s SFC has the official announcement to confirm the reports, as of 05:30 a.m. ET.

See Also: Bitcoin And Ethereum Prices Recover In What Could Be The Last Market Correction Before BTC Halving

The development boosted Bitcoin price past US$66,500, helping the asset’s rebound after it dropped to under US$63,000 over the weekend.

This ETF, providing direct access to Bitcoin’s market value, is anticipated to bolster Hong Kong’s status as a premier destination for cryptocurrency trading and investment.

The spot Bitcoin ETF’s launch is also projected to generate up to US$25 billion in demand, as estimated by Matrixport, by offering traders in China more straightforward access to digital assets.

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