Hong Kong approves Asia’s first Bitcoin spot ETF in April

Hong Kong is poised to approve Asia’s first spot Bitcoin exchange-traded fund (ETF) this month, with the first approvals likely to be announced next week, Reuters and Chinese media outlet qq reported. .

BREAKING NEWS: 🇭🇰 Hong Kong is set to approve seats #Bitcoin According to reports, the ETF is expected to launch next week.

Are you ready? 🚀 pic.twitter.com/gsAfBx6Nmj

— Bitcoin Magazine (@BitcoinMagazine) April 10, 2024

The Hong Kong Securities and Futures Commission (SFC) has accelerated the approval process, positioning Hong Kong as a pioneer in the Asian Bitcoin ETF space. The move comes ahead of industry expectations for a launch later this year.

Recently, a number of Chinese financial institutions, including Harvest Fund’s Hong Kong subsidiary and China Southern Fund, applied for Bitcoin ETFs. Spot Bitcoin ​​ETFs provide exposure to actual Bitcoin, not derivatives.

According to sources, the SFC is expected to announce its first approved spot Bitcoin ETF on April 15. After approval, the funds can apply to be listed on the Hong Kong Stock Exchange, which is expected to take 10 days.

This accelerated timeline demonstrates Hong Kong’s proactive approach to strengthening its attractiveness as a global financial hub. It also builds on the city’s Bitcoin-friendly stance, including granting a retail trading license to cryptocurrency exchange Hashkey last year.

This news comes after spot Bitcoin ETFs have enjoyed tremendous success in the U.S. since their approval in January this year, attracting more than $12 billion in inflows. As the first Asian jurisdiction to approve a spot Bitcoin ETF, Hong Kong is paving the way for potential launches in other markets.

Accessible Bitcoin investment products have seen a rapid increase in demand among both institutional and retail investors. By leveraging its regulatory framework to meet this need, Hong Kong is solidifying its position as an emerging Bitcoin hub in Asia.