A Multinational Asset Management Giant Submits First Bitcoin ETF Application in Hong Kong
A multinational asset management giant has made history by submitting the first application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong. Harvest Fund Management applied to the Securities and Futures Commission (SFC) of Hong Kong, with hopes of expediting the approval process and listing the ETF on the Hong Kong Stock Exchange within the next few months. The SFC published spot crypto ETF requirements in December, and it is inclined to follow in the footsteps of the US Securities and Exchange Commission (SEC) by approving multiple Bitcoin ETFs simultaneously. However, no other institutions have submitted applications for a BTC ETF to the Hong Kong regulator yet.
Following Approvals in the US
This development comes after the recent approval of spot Bitcoin ETFs in the US. On January 10th, the SEC granted approval to all 11 spot BTC ETFs that were under consideration. The applicants had been working with the regulator for months to refine their proposals. Previously, the SEC had denied all spot Bitcoin ETF applications until these recent approvals. This move by Harvest Fund Management signifies a growing interest in expanding cryptocurrency investment opportunities through regulated ETF products.
Hot Take: A Milestone for Crypto Investment Accessibility
The submission of the first Bitcoin ETF application in Hong Kong marks a significant milestone for crypto investment accessibility in Asia. If approved, this would provide investors with an opportunity to gain exposure to Bitcoin through a regulated investment vehicle listed on a major stock exchange. Following in the footsteps of the US, where multiple spot BTC ETFs have already been approved, Hong Kong’s move could pave the way for more Asian countries to embrace cryptocurrency ETFs. This development showcases increasing institutional acceptance and adoption of Bitcoin as an investment asset class.
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