Bitcoin ETF era begins in Hong Kong with SFC application
Key Takeaways
- Harvest Hong Kong has submitted its first spot Bitcoin ETF application to the Hong Kong SFC, following approval of a similar fund by the US SEC.
- The SFC is accelerating the approval process, and several other financial institutions are also showing interest in launching a spot BTC ETF in 2024.
- Hong Kong’s regulatory environment is becoming increasingly cryptocurrency-friendly, making it Asia’s leading cryptocurrency hub.
Just weeks after the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin (BTC) exchange-traded fund (ETF), Hong Kong’s Securities and Futures Commission (SFC) received a similarly groundbreaking application.
According to TencentNews, a leading Chinese fund manager, harvest hong kong I submitted my application for this Spot Bitcoin ETF. January 26, marks an important step in Hong Kong’s journey to become Asia’s leading cryptocurrency hub.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
The SFC reportedly Streamline the approval process We are launching Hong Kong’s first spot Bitcoin ETF immediately after the Chinese New Year, scheduled for February 10th. This proactive approach reflects the strategy of the U.S. SEC. It recently approved a multi-spot ETF to maintain competitive balance..
Although Harvest Hong Kong is leading the way in applications, it will not be alone in this effort. Various local financial institutions Expresses interest in launching a spot BTC ETF in 2024At least 10 organizations are actively preparing for such a launch.
Existing cryptocurrency players in Hong Kong, which previously focused on futures-based cryptocurrency ETFs, are also expected to join the fray. Companies such as Samsung Asset Management, known for launching the Samsung Bitcoin Futures ETF in 2023, Considering the possibility of offering a spot ETF.
The SFC’s favorable position on cryptocurrencies in 2023 is as follows: Establishing Hong Kong as a key destination for Asian cryptocurrency ventures. The regulator’s cryptocurrency-focused rules introduced in 2023 opened up the market to both institutional and retail investors.
Even before the US SEC approved the first spot BTC ETF, Hong Kong SFC has already paved the way for cryptocurrency-based ETFs.This signals the company’s intention to approve a variety of funds, including digital asset spot ETFs and traditional cryptocurrency futures ETFs. This progressive approach highlights Hong Kong’s commitment to fostering a dynamic and inclusive cryptocurrency ecosystem.
Harvest Hong Kong’s submission of its spot Bitcoin ETF application to the SFC marks a pivotal moment in Hong Kong’s cryptocurrency story. Expectations are growing for the launch of the region’s first spot Bitcoin ETF as the SFC accelerates the review process, which could potentially open new avenues for investors and solidify Hong Kong’s position as a key player in the global cryptocurrency landscape. It will.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the cryptocurrency news editorial team.
As an intelligent expert in the field of Public Relations, she works with her team to identify real VS fake news patterns and aims to provide her results to everyone searching for unbiased news and events happening in the FinTech market. Her expertise is in informing the public of the latest reliable and informative Web3 announcements.
When she’s not investigating the credibility of mainstream stories, she spends her time enjoying the terrace views and meticulously maintaining her outdoor environment.
