Penghua Fund has applied for the opening first blockchain exchange-traded fund

The Shenzhen asset management company Penghua Fund has filed an application with the China Securities Regulatory Commission (CSRC) for the creation of an exchange-traded fund (ETF) for the blockchain equity index of companies.

If the Commission approves this application, ETF will be the first blockchain fund available to Chinese investors.

The application was filed at the same time that the Shenzhen Stock Exchange introduced the Blockchain 50 index, which includes quotes on the listed shares of 50 companies working with distributed ledger technology and included in the top 50 by market capitalization. According to the exchange, this index includes companies involved in software development and banking, as well as IT companies that are interested in cryptocurrency mining.

Shenzhen authorities are loyal to the blockchain industry and actively contribute to its implementation. In April last year, the Shenzhen administration supported the launch of a fund to invest in startups using blockchain technology, declaring its willingness to invest 500 million yuan in them.

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In addition, in May 2018, the administration of this Chinese city announced cooperation with Tencent Holdings in the application of the blockchain to modernize the tax system and prevent fraud in this area.

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