Register on the Bybit exchange and receive a bonus of $4000.
Kryptowaluty

AMC’s bitcoin ETF fund will open doors for Chinese investors in RMB

This strategic move allows Chinese investors to use traditional financial instruments to invest in Bitcoin, which could drive further adoption.

Date: 2024-05-02 Author: Łukasz Michałek
AMC’s bitcoin ETF fund will open doors for Chinese investors in RMB

Bitcoin and Ethereum exchange-traded funds (ETFs) newly issued by China Asset Management Co. provide new investment channels for holders of the Chinese currency.

In an interview with Bloomberg, China AMC CEO Yimei Li said the ETFs represent a significant milestone in making cryptocurrency investments more accessible to mainland Chinese investors.

Although cryptocurrency trading is banned in mainland China, Li said the official launch of ETFs “opens the door for many RMB holders.” She also expressed hope that mainland Chinese investors will be able to participate in the future.

According to a China AMC announcement published on April 29, the new funds offer investors unprecedented flexibility, allowing both cash and in-kind transactions.

The company’s offerings included USD, HKD and RMB trading desks, supporting both listed and unlisted stocks. The funds are the only ETFs on Bitcoin and Ethereum that provide a counter for trading the Chinese yuan.

CTA
Register with ByBit

Asia’s first ETFs on Bitcoin and Ethereum

Following the launch of Ethereum and Bitcoin ETFs, China AMC has an initial offering period (IOP) of $142 million, with HK$950 million for Bitcoin ETFs and HK$160 million for Ethereum ETFs.

“We have witnessed a top-down push for Hong Kong to become a global Web 3.0 hub, and the endorsement of this body is crucial as it underscores Hong Kong’s competitive advantage in the global virtual asset sector,” said Tian Gan, CEO of China AMC (HK).

“We are fully embracing the mainstream migration of virtual assets, developing differentiated investment offerings to help clients achieve their investment goals in this new asset class,” he added.

CTA
Register with ByBit
Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
Register on the Bybit exchange and receive a bonus of $4000.
Get Bonus