Hong Kong is set to launch spot crypto ETFs by the end of April, following the trend in the U.S. This move is part of the region’s efforts to solidify its position in the market.

Spot Bitcoin and Ethereum exchange-traded funds (ETFs) will soon be available in Hong Kong, with trading expected to start on Apr. 30. This development comes after more than a year of Hong Kong’s push to establish itself as a regulated hub for the virtual asset industry, aiming to regain its status as a leading financial center.

According to a Bloomberg interview with a spokesperson from HashKey, an Asian crypto group, the firm’s Bosera-HashKey Capital spot products will be launched by the end of April. In addition to spot crypto ETFs, Hong Kong already allows futures crypto ETFs, including CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures. These three ETFs have a combined total of around $175 million in assets under management. ETF Analyst Rebecca Sin from Bloomberg Intelligence predicts that Hong Kong’s spot crypto ETFs could reach $1 billion in assets under management by 2026.

Last week, the Securities and Futures Commission (SFC) in Hong Kong approved applications from Boshi International, HashKey Capital, China Asset Management, and Harvest Investment to introduce spot Bitcoin and Ethereum ETFs.

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