- Harvest Hong Kong, applied to the Hong Kong SFC on January 26 for a spot Bitcoin ETF.
- The Hong Kong regulatory agency may authorize many spot ETFs.
Following the approval of the first spot Bitcoin exchange-traded fund (ETF) in the U.S by the SEC, the first spot BTC ETF in Hong Kong allegedly landed at the SFC a few weeks later.
According to Tencent News, one of the biggest fund managers in China, Harvest Hong Kong, applied to the Hong Kong SFC on January 26 for a spot Bitcoin ETF. The first Hong Kong spot Bitcoin ETF is expected to start after the Chinese New Year on Feb. 10, according to the report, and the regulatory agency is reportedly seeking to speed up the approval procedure for ETFs in the nation.
More Firms to Likely Follow Suit
The report states that in order to maintain parity, the Hong Kong regulatory agency may authorize many spot ETFs, much like the U.S SEC. It is possible that more firms may follow Harvest Fund in applying for a spot Bitcoin ETF. Several local financial institutions have shown interest in introducing a spot Bitcoin ETF in the year 2024.
Moreover, a spot Bitcoin exchange-traded fund (ETF) is in the works at a minimum of ten domestic financial institutions. Financial behemoths like Venture Smart Financial Holdings have set their sights on launching the spot ETF in the Q1 of 2024.
It is anticipated that spot Bitcoin ETF registrants would include a number of established crypto businesses that have previously introduced crypto ETFs based on futures trading in Hong Kong.
As a result of its regulator’s stance in favor of cryptocurrency in 2023, Hong Kong has become a top location for crypto in Asia. Institutional and individual investors were able to take part in crypto activities when the SFC established crypto-focused rules in 2023.
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