Hong Kong approved the applications of several spot bitcoin and ether exchange-traded funds on Monday, as the region continues its drive to become a regional crypto hub.

China Asset Management, a major Chinese asset manager, said that its Hong Kong unit has received approval from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs. It plans to issue spot bitcoin and ether ETFs in collaboration with OSL and BOCI International.

Bosera Asset Management, a Hong Kong unit of a major Chinese asset manager, and HashKey also told The Block on Monday that the regulator has given conditional approval for two spot crypto ETFs jointly managed by the pair.

Bosera and HashKey told The Block that the pair will work together to launch a …