The Hong Kong arm of Harvest Fund Management Applies for Bitcoin ETF
The Hong Kong arm of Harvest Fund Management, a major Chinese asset manager, has reportedly submitted an application for a spot bitcoin exchange-traded fund (ETF) to the local financial regulator. This move suggests that Hong Kong is preparing to launch its first batch of spot cryptocurrency ETFs. Tencent News reported that Harvest has submitted its application to the Securities and Futures Commission and aims to launch the city’s first spot Bitcoin ETF after the Lunar New Year holiday. Other fund companies in Hong Kong have also expressed interest in launching potential spot crypto ETFs.
Growing Interest in Stablecoins
Alongside efforts by Hong Kong to establish stablecoin regulations, several companies including Harvest Global Investments, RD Technologies, and VSFG have shown interest in stablecoin-related trials. These firms are currently in discussions with the Hong Kong Monetary Authority about potential stablecoin trials. The HKMA previously stated that a stablecoin issuer would need to obtain a license if it issues a stablecoin referencing the value of one or more fiat currencies in Hong Kong. Eddie Yue, Chief Executive of the HKMA, believes that stablecoins could bridge the gap between traditional finance and the virtual asset market.
Hot Take: Hong Kong Prepares for Spot Cryptocurrency ETFs and Stablecoin Trials
The Hong Kong financial industry is gearing up for the launch of spot cryptocurrency exchange-traded funds (ETFs) and exploring opportunities in stablecoin trials. Harvest Fund Management has applied for a spot bitcoin ETF, aiming to become the first company to launch such a product in Hong Kong. Additionally, several other fund companies have expressed their interest in launching spot crypto ETFs. Meanwhile, companies like Harvest Global Investments and RD Technologies are engaging in discussions with the Hong Kong Monetary Authority regarding stablecoin trials. These initiatives demonstrate Hong Kong’s commitment to embracing digital assets and expanding its presence in the crypto space.
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