Hong Kong is gearing up to introduce spot crypto ETFs by the end of April, mirroring the U.S. trend, as the region aims to strengthen its positioning in the market.

Spot Bitcoin and Ethereum exchange-traded funds (ETFs) are on the horizon in Hong Kong, set to debut by the end of April, as the city intensifies its focus on cryptocurrencies.

In an interview with Bloomberg, a spokesperson for HashKey, an Asian crypto group, said that the firm’s Bosera-HashKey Capital spot products are set to begin trading on Apr. 30. The move comes after more than a year of concerted efforts by Hong Kong to establish itself as a tightly regulated center for the virtual asset industry, aiming to reclaim its reputation as a modern financial powerhouse.

In addition to spot crypto ETFs, the city already permits futures crypto ETFs: CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures. However, the trio amassed has quite a modest number of just about $175 million in assets under management so far. According to Bloomberg Intelligence ETF Analyst Rebecca Sin, Hong Kong’s spot crypto ETFs could allocate around $1 billion in assets under management by 2026.

As Coin Insider Daily reported last week, Hong Kong’s Securities and Futures Commission (SFC) approved Boshi International, HashKey Capital, China Asset Management, and Harvest Investment applications to launch spot Bitcoin and Ethereum ETFs.