Hong Kong is reportedly set to approve first spot Bitcoin ETF by mid-April

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It’s said that Hong Kong’s Securities and Futures Commission is prepared to give its approval for a Bitcoin spot exchange-traded fund. This development marks a significant milestone for the crypto market in Hong Kong.

According to reports from Tencent News, sources familiar with the Hong Kong Securities and Futures Commission have shared that Hong Kong is preparing to give the green light to the initial group of Bitcoin spot ETFs by April 15. Originally, it was intended for the regulator to approve only four of these Bitcoin ETFs in this first batch.

Recently, it was discovered that at least two applications failed to satisfy Hong Kong’s criteria for managing crypto assets. The identity and timing of those allowed to launch the first Bitcoin ETFs as spot products in the area are still unclear.

At present, several companies based in Hong Kong and Chinese proxies have expressed their intent to initiate spot crypto exchange-traded funds. China Southern Fund, Harvest Fund, Jiashi Fund, Huaxia Fund, and Southern Fund have submitted applications through their Hong Kong branches, with regulatory approval still pending.

After obtaining approval from the Securities and Futures Commission in Hong Kong for the initial Bitcoin ETFs, it is expected that the Hong Kong Stock Exchange would take around two weeks to arrange for their listing and handle related tasks.

If the Hong Kong regulatory body gives the green light to bitcoin Spot ETFs within three months of the US Securities and Exchange Commission’s approval of the initial batch in the United States, it would be a significant development. Currently, the top ten spot Bitcoin ETFs collectively manage around $57 billion in assets, with the top three accounting for over 88% of this total.

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2024-04-10 10:15