BTC
by BSCN
January 29, 2024
While Harvest Fund Management is the first to file for a spot BTC ETF, other entities, including Venture Smart Financial Holdings, are expected to follow suit.
Harvest Fund Management, a prominent Chinese asset manager, applies to Hong Kong’s inaugural spot Bitcoin exchange-traded fund (ETF) as the first firm to do so. The submission comes amid Hong Kong's apparent preparations for a debut series of spot cryptocurrency ETFs.
This strategic move positions Harvest as a frontrunner, aiming to roll out the city's premier spot Bitcoin ETF shortly after the Lunar New Year festivities, scheduled for February 10 this year.
According to Tencent News, the SFC has been proactive in expediting the approval process for ETFs in the region.
The development follows the approval of 12 spot Bitcoin ETFs in the U.S. in December 2023. Hong Kong regulators responded, signaling their readiness to entertain applications for similar products.
While Harvest Fund Management is spearheading the spot BTC ETF movement, indications suggest it won't be a solitary contender. Multiple regional financial institutions are signaling their intent to file for spot Bitcoin ETFs in 2024.
Approximately ten fund companies are exploring introducing spot crypto ETFs in Hong Kong, according to Livio Weng, COO of Hong Kong-based crypto exchange HashKey.
Several existing crypto entities, known for launching futures-based crypto ETFs, are considering the spot Bitcoin ETF filings. Samsung Asset Management, a key player that launched the Samsung Bitcoin Futures ETF in 2023, has hinted at the potential exploration of a spot ETF.
Venture Smart Financial Holdings, a Hong Kong firm, is reportedly set to file its application with hopes of commencing trading in the first quarter of the year.
Hong Kong, solidifying its position as a leading crypto hub in Asia, has adopted a crypto-friendly regulatory stance. The SFC's establishment of crypto-focused regulations in 2023 facilitated broader participation in crypto activities by institutional and retail investors.
Further, Bloomberg reported today that several companies have expressed interest in conducting stablecoin trials as Hong Kong presses for stablecoin rules.
According to the report, these firms are in discussions with the Hong Kong Monetary Authority about potential stablecoin trials.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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