Bitcoin spot ETF application from Chinese giant company

Bitcoin spot ETFs have gained a lot of traction in the U.S., which has spurred other markets into action. Hong Kong, which has taken positive steps in cryptocurrencies since 2022, is preparing to join the race for spot Bitcoin ETFs, and the first application has arrived.

Harvest Hong Kong, the Hong Kong-based subsidiary of Harvest Fund Management, one of China's largest fund management companies with $210 billion in assets, has applied for a Bitcoin spot ETF with SFC.

This request is also the first such application to the Hong Kong Securities and Futures Commission (SFC).

Venture Smart Financial Holdings, also one of Hong Kong's major asset management firms, is also expected to file a Bitcoin spot ETF application with the SFC this year.

Hong Kong, which officially launched futures ETFs on Bitcoin and Ether in 2022, has a clear policy on cryptocurrencies, although it is known for its strict regulatory rules. Hong Kong is in a race to become a cryptocurrency hub, especially with Singapore and Dubai.

It is known that many citizens in China, where cryptocurrencies are completely banned, come to Hong Kong and return to their countries by buying cryptocurrencies.

Published: January 29, 2024 08:58