Hong Kong has granted initial conditional approvals to Harvest Global Investments and a partnership between HashKey Capital and Bosera Asset Management (International) for spot-bitcoin and ether exchange-traded funds, according to a report by Bloomberg.

The report cites separate announcements from the firms on Monday as confirming the approvals from the Securities & Futures Commission (SFC), with the Hong Kong unit of China Asset Management also saying it had received approval to provide virtual-asset management services and is deploying resources to develop products.

According to the SFC, the agency issues a conditional authorisation letter to an ETF application if it generally satisfies its requirements, subject to various conditions, with applicants then applying to Hong Kong Exchanges and Clearing Ltd for listing approval.