Key takeaways:
- The Hong Kong SFC reportedly accepted the first spot Bitcoin ETF application in just a few weeks following the US SEC approval of the first spot BTC ETF.
- The report suggests that in order to maintain fair competition, the Hong Kong regulatory agency might take a similar stance to the US SEC and permit many spot ETFs.
The first spot Bitcoin exchange-traded fund (ETF) application was reportedly accepted by the Hong Kong Securities and Futures Commission (SFC) in just a few weeks following the US Securities and Exchange Commission’s (SEC) approval of the first spot BTC ETF in the US.
Tencent News reported on January 26 that Harvest Hong Kong, a prominent fund manager in China, had filed an application for a spot Bitcoin ETF with the Hong Kong SFC.
The article also stated that in order to introduce the first Hong Kong spot Bitcoin ETF on February 10, following the Chinese New Year, the regulatory body is aggressively striving to speed up the approval process for ETFs in the nation.
The report suggests that in order to maintain fair competition, the Hong Kong regulatory agency might take a similar stance to the US SEC and permit many spot ETFs.
Harvest Fund might not be the sole candidate, even if it might have been the first to submit a spot BTC ETF application. In 2024, several local financial firms have expressed interest in introducing a spot Bitcoin exchange-traded fund (ETF).
Launching a spot BTC ETF is a project that at least ten financial institutions in the nation are currently working on. Financial behemoths like Venture Smart Financial Holdings have already scheduled the spot ETF debut for the first quarter 2024.
It is anticipated that several current cryptocurrency businesses that introduced futures-based cryptocurrency ETFs in Hong Kong will be among the spot Bitcoin ETF filers. It is
It has been claimed that Samsung Asset Management, which introduced the Samsung Bitcoin Futures ETF in 2023, will not “eliminate the possibility of exploring to launch a spot ETF.”
Hong Kong‘s pro-crypto regulatory stance in 2023 has made it one of Asia’s top crypto travel destinations. Institutional and retail investors can now engage in cryptocurrency operations according to laws the SFC adopted in 2023, specifically focusing on the space.
The Hong Kong SFC announced its openness to receiving applications for the authorization of various products, including spot ETFs for digital assets and already-existing crypto futures ETFs, even before the US SEC approved the first spot Bitcoin ETF.
