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Post: Hong Kong Financial Institutions Set to Launch Spot Bitcoin ETFs

Hong Kong Financial Institutions Set to Launch Spot Bitcoin ETFs

Key Points:

  • Ten financial institutions in Hong Kong plan to file applications to launch spot Bitcoin ETFs.
  • Harvest Hong Kong, one of China’s largest fund managers, submitted the first spot Bitcoin ETF application to the Hong Kong Securities and Futures Commission (SFC) on January 26.
  • The SFC is reportedly working to expedite the approval process for ETFs in order to launch the first Hong Kong spot Bitcoin ETF after the Chinese New Year on February 10.
  • The regulatory body may follow a similar approach to the U.S. SEC and approve multiple spot Bitcoin ETFs to ensure fair competition.

Further Insight:

Ten financial institutions in Hong Kong are planning to enter the spot Bitcoin ETF market by filing applications with the Hong Kong Securities and Futures Commission (SFC). Harvest Hong Kong, one of China’s largest fund managers, has already submitted the first spot Bitcoin ETF application to the SFC. The SFC is reportedly working to fast-track the approval process for ETFs in order to launch the first Hong Kong spot Bitcoin ETF after the Chinese New Year on February 10. Following the approach of the U.S. Securities and Exchange Commission (SEC), the SFC may approve multiple spot Bitcoin ETFs to ensure fair competition in the market. While Harvest Fund is the first applicant, other financial institutions have also expressed their interest in launching spot Bitcoin ETFs in 2022.

Hot Take:

The regulatory approval of spot Bitcoin ETFs in the United States has paved the way for other jurisdictions to explore similar investment vehicles. Hong Kong’s move to expedite the approval process for spot Bitcoin ETFs indicates growing interest in bringing more regulated investment options to the cryptocurrency market. If approved, spot Bitcoin ETFs in Hong Kong could attract more institutional investors and potentially contribute to market growth and price stability.


Original article: https://cointelegraph.com/news/hong-kong-sfc-receives-first-spot-bitcoin-etf-application

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