China is making progress day by day in applying the blockchain technology in various systems and the process of blockchain applications is increased many folds after the president’s encouragement of the blockchain in the country. Penghua Fund, a Chinese asset management firm, recently applied for the registration of the Blockchain exchange-traded fund (ETF) in China.
Application is under review
The application for ETF is submitted to the China Securities Regulatory Commission (CSRC) and is under the process of reviewing as shown on the official site of the CSRC. If the permission is approved by the financial watchdog of China, the company will become the first to launch blockchain ETF in the country as reported by Shanghai Securities News.
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The firm is included in the top companies of China as it currently managing the assets of 564 billion yuan that is equal to approximately $80.79 billion. It is running ten national social investment portfolios and it is headquartered in Shenzhen.
Blockchain-related 50 Index
Shenzhen Stock Exchange unveiled the blockchain-related 50 Index comprised of stocks by market cap. The index has not selected a particular sector but there is a variety of sectors such as Wholeasy and Ping An Bank. These companies have invested $80 million in BTC miners in 2018.
According to Choice data, since this year, 4,321 institutions have participated in the survey of 97 listed blockchain companies. Among them, Huayu Software, Suning Tesco, Guangdian Express and other 8 listed companies all have hundreds of institutions concerned. Several agencies believe that blockchain applications are expected to accelerate in 2020.
It is very important to pin down here that currently, 7 blockchain ETFs are functional in all over the world and it is going to be the next blockchain ETF.