Chinese Asset Manager Applies for Bitcoin ETF in Hong Kong
The Hong Kong subsidiary of Harvest Fund Management, a Chinese asset management firm, has submitted an application for a Bitcoin exchange-traded fund (ETF). This is the first time such an application has been made in Hong Kong. The Securities and Futures Commission (SFC) is expediting approval for the launch of the ETF, which is expected to be listed on the Hong Kong Stock Exchange after the Chinese New Year.
Hong Kong Prepares for Spot Bitcoin ETFs
Hong Kong is following in the footsteps of the US by preparing to embrace spot Bitcoin ETFs. The SFC and the Hong Kong Monetary Authority have announced their readiness to accept applications for virtual asset spot ETFs and have outlined conduct standards for intermediaries distributing these funds. Crypto leaders in Hong Kong believe that the SFC is paving the way for spot Bitcoin ETFs.
Crypto Oversight Intensifies in Hong Kong
Hong Kong already has several futures-based crypto ETFs, but it is known for its strict regulations in this area. After a major scandal involving a crypto exchange last year, both the central bank and securities regulator have tightened crypto regulations. A new working group will monitor local trading platforms.
Hot Take: Top Chinese Asset Manager Leads Bitcoin ETF Movement in Hong Kong
The submission of a Bitcoin ETF application by Harvest Fund Management’s Hong Kong subsidiary marks a significant development in Hong Kong’s embrace of digital assets. With the SFC expediting approval and preparations underway by other fund firms, it seems that spot Bitcoin ETFs will soon become a reality in Hong Kong. While strict regulations exist, this move showcases the growing interest and acceptance of cryptocurrencies by traditional financial institutions and regulators in one of Asia’s leading financial centers.
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