The Hong Kong Securities and Futures Fee (SFC) reportedly acquired its first spot Bitcoin (BTC) exchange-traded fund (ETF) utility simply weeks after the U.S. Securities and Alternate Fee permitted the primary spot BTC ETF in america.
Harvest Hong Kong — certainly one of China’s largest fund managers — submitted a spot Bitcoin ETF utility to the Hong Kong SFC on Jan. 26, reported Tencent Information. The report added that the regulatory physique is actively working to expedite the method for approval of ETFs within the nation to launch the primary Hong Kong spot Bitcoin ETF after the Chinese language New Yr on Feb. 10.
In response to the report, the Hong Kong regulatory physique might comply with the same method to the U.S. SEC and approve a number of spot ETFs to make sure a stage taking part in subject. Whereas Harvest Fund is perhaps the primary applicant to file for a spot BTC ETF, it will not be the one one. A number of regional monetary establishments have signaled their curiosity in launching a spot BTC ETF in 2024.
As Cointelegraph reported on Jan. 19, at the least 10 monetary establishments within the nation are actively working to launch a spot BTC ETF. Monetary big corresponding to Enterprise Good Monetary Holdings have already set the primary quarter of 2024 as their goal to launch the spot ETF.
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A number of present crypto corporations that launched futures-based crypto ETFs in Hong Kong are additionally anticipated to be amongst spot Bitcoin ETF filers. Samsung Asset Administration, which launched the Samsung Bitcoin Futures ETF in 2023, reportedly mentioned it wouldn’t “get rid of the potential for exploring to launch a spot ETF.”
Hong Kong has emerged as one of many main crypto locations in Asia due to its regulator’s pro-crypto method in 2023. The SFC created crypto-focused rules in 2023, permitting institutional and retail buyers to take part in crypto actions. Even earlier than the U.S. SEC permitted the primary spot BTC ETF, the Hong Kong SFC opened the door for crypto-based ETFs and expressed its readiness to obtain purposes for the authorization of varied funds, together with digital asset spot ETFs and present crypto futures ETFs.
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