First Spot Bitcoin ETF Application Received by Hong Kong SFC

A Bitcoin exchange-traded fund (ETF) document has actually been actually submitted to the Hong Kong Stocks and also Futures Commission (SFC) through Produce Hong Kong, one of China’s largest fund supervisors. This arrives soon after the United States’ Stocks as well as Swap Payment authorized the very first area Bitcoin ETF in the country. The SFC is actually reportedly working to quicken the commendation method for ETFs in Hong Kong as well as aims to release the very first area Bitcoin ETF after the Mandarin New Year on February 10. The regulatory physical body might adhere to a similar technique to the United States SEC through permitting various spot ETFs to ensure decent competitors in the market.

Although Produce Fund is the first to obtain a spot BTC ETF, it is actually counted on that other banks will certainly additionally show passion in introducing identical products in 2024. A minimum of 10 banks in Hong Kong are actually proactively operating in the direction of launching a spot BTC ETF, along with Project Smart Financial Holdings targeting the 1st region of 2024 for its launch. Existing crypto business that have already offered futures-based crypto ETFs in Hong Kong are likewise very likely to apply for area Bitcoin ETFs. Samsung Possession Management, which released the Samsung Bitcoin Futures ETF in 2023, has actually shown visibility towards looking into the opportunity of introducing a place ETF.

Hong Kong has actually ended up being a noticeable place for cryptocurrency in Asia because of its own regulator’s pro-crypto stance. The SFC offered crypto-focused requirements in 2023, making it possible for both institutional and retail real estate investors to join crypto tasks. Even just before the United States SEC approved a location BTC ETF, the Hong Kong SFC was prepped to obtain documents for a variety of funds, including electronic property location ETFs as well as existing crypto futures ETFs.