News Could this be China’s first blockchain ETF fund?

Could this be China’s first blockchain ETF fund?

-

- Advertisment -

On Christmas Eve, Shenzhen-based asset management firm Penghua Fund put in an application for a blockchain-focused exchange-traded-fund (ETF), Penghua Shenzhen Stocks, to China’s securities commission, CSRC. If approved, it’d be the country’s first publicly available blockchain ETF fund.

Financial researcher Zhang Ting told Shanghai Securities News that other companies will likely follow, should the blockchain ETF be approved. They added that the first-mover advantage for these kinds of ETF funds means that Penghua could corner the market if it manages the fund successfully.

On the same day as Penghua’s filing, December 24, the Shenzhen Stock Exchange pushed a blockchain stock index. The fund comprises 50 stocks of top companies in the blockchain industry, including Ping An Bank and mining company Wholeasy.

The news follows a flurry of blockchain activity in China in recent months. The country’s President, Xi Jinping, sung blockchain’s praises back in October, and since then the government has taken significant steps to integrate blockchain into its economy. 

Following a crackdown on crypto exchanges in the last quarter, the government has cosied up to exchanges Huobi and OKex, both of whom have departments dedicated to the Chinese government’s Communist Party. The exchanges also relocated much of their staff to Hainan, an island off the south coast of China that’s become a “regulatory sandbox” for blockchain. 

Pointing to the treatment given to major Chinese exchanges, Matthew Graham, head of investment firm Sino Global Capital, told Decrypt earlier this month, “We’re seeing the institutionalization of some aspects of crypto in China.”

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Using Blockchain to Fight Climate Change, MOSS is changing the Narrative

The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and...

DeFi Tokens Still Bullish with Triple-Digit Prospects Amidst the Bitcoin Rally

The Decentralized Finance (DeFi) market seems to have reclaimed its bullish status in the ongoing crypto market...

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

It is a recent but not new happening that a hot wallet from a crypto agency has...

Facebook’s long-awaited Libra is Coming in January 2021

In a more limited form, the Libra Association's projects are being implemented. It will only launch a...
- Advertisement -

Polkadex Enhances the Cryptocurrency Trading Experience

The global economy has not entered the modern era as of yet. Luckily, there are tools to...

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Must read

- Advertisement -

Read Next
Recommended to you