In a swift response to the US Securities and Exchange Commission’s (SEC) approval of the first spot BTC ETF, the Hong Kong Securities and Futures Commission (SFC) reportedly accepted the first spot Bitcoin ETF application within just a few weeks.
According to a report by Tencent News on January 26, Harvest Hong Kong, a prominent fund manager in China, filed an application for a spot Bitcoin ETF with the Hong Kong SFC. The move aligns with the regulatory body’s efforts to expedite the approval process for ETFs in the nation, aiming to introduce the first Hong Kong spot Bitcoin ETF on February 10, post-Chinese New Year.
The report suggests that the Hong Kong regulatory agency might adopt a stance similar to the US SEC, permitting numerous spot ETFs to maintain fair competition. While Harvest Fund might be the first to submit a spot BTC ETF application, several local financial firms have expressed interest in launching such ETFs in 2024.
At least ten financial institutions in Hong Kong are currently working on launching spot BTC ETFs, with Venture Smart Financial Holdings planning the debut for the first quarter of 2024. Notably, existing cryptocurrency businesses that introduced futures-based cryptocurrency ETFs in Hong Kong are expected to join the spot Bitcoin ETF filers.
Even Samsung Asset Management, which launched the Samsung Bitcoin Futures ETF in 2023, is exploring the possibility of launching a spot ETF, indicating the growing interest and potential in the cryptocurrency market.
Hong Kong’s pro-crypto regulatory stance in 2023 has positioned it as one of Asia’s leading crypto destinations. The SFC’s openness to various digital asset products, including spot ETFs and crypto futures ETFs, underscores its commitment to fostering innovation and growth in the cryptocurrency ecosystem.
Key Points:
- Hong Kong SFC swiftly accepts the first spot Bitcoin ETF application following the US SEC’s approval.
- Harvest Hong Kong leads the charge, filing an application for a spot Bitcoin ETF.
- The regulatory agency aims to introduce the first Hong Kong spot Bitcoin ETF post-Chinese New Year.
- Several local financial firms are actively working on launching spot BTC ETFs, anticipating fair competition in the market.
- Hong Kong’s pro-crypto regulatory stance attracts institutional and retail investors, positioning the region as a top crypto travel destination.
- The SFC’s openness to digital asset products reflects its commitment to fostering innovation and growth in the cryptocurrency ecosystem.
