Venture Smart Financial to Launch Bitcoin ETF in Hong Kong
Venture Smart Financial Holdings Limited, a financial services firm based in Hong Kong, plans to introduce its spot Bitcoin exchange-traded fund (ETF) in the city in Q1. The company aims to accumulate up to $500 million in assets under management by the end of 2024. Hong Kong regulators have approved three futures Bitcoin ETFs so far. In late December 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) announced their readiness to consider applications for the authorization of funds with exposure to cryptocurrencies, including spot ETFs.
Samsung Asset Management Considers Spot Crypto ETF
Samsung Asset Management has not ruled out the possibility of launching a spot crypto ETF in Hong Kong. However, the specific timeframe for filing in the region remains uncertain.
Hong Kong Urged to Foster Innovation in Crypto Space
Hong Kong Legislative Council member Johnny Ng has urged the city to foster innovation in the crypto space and establish itself as a global hub in the virtual asset sector. He emphasized the region’s readiness to lead in Asia through relevant policies and products.
Updated Guidelines for Spot ETFs
The Securities and Futures Commission’s updated guidelines facilitate both in-kind and in-cash subscription and redemption processes for spot ETFs. Cryptocurrencies are transferred to custody accounts of SFC-authorized providers, with valuation relying on an indexing approach using trade volume data from major crypto trading platforms.
Hong Kong Aligns with SEC’s Approval of Spot Bitcoin ETFs
Hong Kong’s decision to approve spot Bitcoin ETFs aligns with the U.S. Securities and Exchange Commission’s approval of such funds. However, SEC Chair Gary Gensler clarified that the agency “did not approve or endorse Bitcoin.”
Hot Take: Venture Smart Financial’s Bitcoin ETF Aims to Capture Hong Kong Market
Venture Smart Financial’s plan to launch a spot Bitcoin ETF in Hong Kong demonstrates the growing interest and recognition of cryptocurrencies in the region. With the approval of such funds by regulators, Hong Kong is positioning itself as a key player in the virtual asset sector. As more financial institutions and investors embrace cryptocurrencies, the market potential for Bitcoin ETFs continues to expand. By aiming to accumulate $500 million in assets under management, Venture Smart Financial is poised to capitalize on the immense opportunities offered by this emerging asset class.
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