Some well-known Chinese investment firms are reportedly seeking permission to launch bitcoin ETFs in Hong Kong through their subsidiaries. This news comes as bitcoin prices have been rising steadily for over a month, and Hong Kong works to become a leading financial technology (fintech) center on the global stage.
A representative from Harvest Fund Management, a Chinese asset management firm, announced that an application for a Bitcoin exchange-traded fund (ETF) has been filed with the Hong Kong Securities and Futures Commission (SFC) via its Hong Kong branch. The SFC is presently considering this application for approval as the regulatory body in Hong Kong.
In December 2022, Harvest Fund Management’s Hong Kong branch launched the region’s inaugural crypto futures exchange-traded funds (ETFs) after receiving approval from the Securities and Futures Commission (SFC) on October 31, 2022.
Other Chinese public equity funds are considering applying for Bitcoin ETFs and are assessing the potential opportunities and feasibility in this area, according to the report.
HashKey Exchange and China Asset Management’s Hong Kong branch have joined forces in a partnership to collectively boost and develop projects linked to Web 3.0 technology within the asset management sector in Hong Kong.
In December, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority revealed their intention to assess bitcoin ETF proposals.
Bitcoin’s price stands at around $72,000 right now, and there are indications that the volume of funds flowing into ETFs will remain robust as we approach this month’s scheduled Bitcoin halving event, almost reaching double the amount from the previous year’s December value.
In March, the value of CSOP Bitcoin Futures ETF, Hong Kong’s largest Bitcoin futures ETF, hit a record-breaking peak of over $72,500. As reported by Reuters, this fund has experienced a substantial growth in managed assets during the past five months, surpassing the $100 million mark.
At the beginning of the “2024 Hong Kong Web3 Carnival,” Edmond Huang, Hong Kong’s Deputy Secretary for the Financial Services and the Treasury Bureau, spoke about ongoing initiatives to oversee the trading of virtual assets outside official exchanges. The goal is to reinforce Hong Kong’s standing as a leading global crypto center.
Based on Huang’s report, the city plans to allow intermediaries to offer a range of services for virtual assets, including futures and ETF trading.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-04-08 16:04