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.”



Please enter your comment!
Please enter your name here

Latest news

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...
- Advertisement -

Seamless Crypto Exchange HolyTransaction Allows Gridcoin Staking

In today’s world, the time value of money is very important and everyone likes to earn a...

How to Use Big Data Analytics Against Rising Cyber Security Attacks?

Big data and big data analytics have many implications across verticals. The use cases range from optimizing...

Must read

- Advertisement -

Read Next
Recommended to you