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

Could this be China’s first blockchain ETF fund?

-

- Advertisment -Could this be China’s first blockchain ETF fund?

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

Math-Based Approaches To Win Slot Games

If the 17th Century was the era of Blackjack, and 19th Century was the undisputed reign of...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...
- Advertisement -Could this be China’s first blockchain ETF fund?Could this be China’s first blockchain ETF fund?

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Must read

Math-Based Approaches To Win Slot Games

If the 17th Century was the era...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...
- Advertisement -Could this be China’s first blockchain ETF fund?Could this be China’s first blockchain ETF fund?

You might also likeRELATED
Recommended to you