Hong Kong Financial Firm VSFG Targets to Launch Spot Bitcoin ETF in Q1: Bloomberg
Venture Smart Financial Holdings Limited, a Hong Kong-based financial services company, plans to launch a spot Bitcoin exchange-traded fund within the first quarter and aims to have $500 million in assets under management by the end of the year. bloomberg.
The company It is claimed that Hong Kong’s first authorized virtual asset manager has yet to apply for an ETF with Hong Kong’s financial regulator, the Securities and Futures Commission.
SFC in December presentation The city is prepared to accept applications for a spot cryptocurrency ETF, along with two circulars addressing the requirements for launching such a product. The region launched a cryptocurrency licensing regime for cryptocurrency trading platforms in June 2023 in a bid to regain its position as Asia’s cryptocurrency hub. Three Cryptocurrency Futures ETFs Already Listed in Hong Kong — Samsung Bitcoin 
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Earlier this month, Livio Weng, COO of Hong Kong cryptocurrency exchange HashKey, said: 10 fund companies The region is starting to explore options for launching a spot cryptocurrency ETF.
Following approval by the U.S. Securities and Exchange Commission (SEC) on January 10, the U.S. Spot Bitcoin ETF looked like this: Cumulative trading volume over $13 billion until now. However, as the excitement surrounding the approval cooled, the price of Bitcoin fell, trading at around $41,250 at the time of the announcement.
VSFG did not immediately respond to The Block’s request for further comment.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.
