Chinese investment firms based on the mainland have allegedly applied for permission to launch Bitcoin spot ETFs in Hong Kong through their subsidiary companies.
This occurrence takes place during a monthly price increase in cryptocurrencies and intensified initiatives by Hong Kong to become a leading international fintech center.
China Equity Funds Apply for Bitcoin ETFs
Based on Security Times’ report in simple terms, some companies seeking approval from Hong Kong’s Securities & Futures Commission (SFC) have not been identified yet. Nevertheless, it is known that Harvest Fund Management’s Hong Kong branch is among those undergoing the review process since January.
In December 2022, Harvest Fund Management’s Hong Kong branch became the first in Asia to introduce futures crypto Exchange-Traded Funds (ETFs). The Securities and Futures Commission (SFC) had approved the public offering of virtual asset futures ETFs on October 31, 2022.
In the meantime, Reports indicate that China Asset Management’s Hong Kong branch, a prominent player in China’s asset management sector, has allegedly teamed up with HashKey, a licensed crypto exchange based in Hong Kong. The collaboration intends to mutually boost and progress Web 3.0 initiatives within the asset management industry in Hong Kong.
Industry sources indicate that Bitcooin ETF applications in Asia may become available as soon as this current quarter, even though no specific launch date has been set yet.
Hong Kong’s Crypto Sector is Growing
In December, the Hong Kong Monetary Authority and the Securities and Futures Commission expressed their willingness to review applications for crypto exchange-traded funds (ETFs) that track the price of cryptocurrencies at a specific moment in time. Subsequently, the United States Securities and Exchange Commission granted approval for the first Bitcoin spot ETF in January this year.
The price of Bitcoin reached approximately $72,000 on Monday, more than doubling since December, and even peaked above $73,000 in March. Meanwhile, the CSOP Bitcoin Futures ETF based in Hong Kong experienced a substantial growth in assets under management over the past five months, totaling over $100 million now.
Hong Kong aims to become a top international destination for crypto industry development. At the launch of the “2024 Hong Kong Web3 Carnival,” Edmond Huang, Deputy Secretary of Hong Kong’s Financial Services and the Treasury Bureau, emphasized their intentions to update regulations, bringing OTC trading of virtual assets under formal supervision.
Additionally, the city plans to allow intermediaries to provide a range of virtual asset services such as futures and ETF trading. This action underscores Hong Kong’s efforts to support and oversee the expanding virtual asset industry.
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2024-04-09 01:08