- Harvest Hong Kong has utilized for a spot Bitcoin ETF launch on January 26.
- Hong Kong’s SFC promotes Bitcoin ETFs and intends to launch the primary Spot Bitcoin ETF after the Spring Pageant.
- The regulators might imitate the US SEC by approving functions filed by a number of corporations.
Bitcoin ETFs have been largely garnering consideration since their launch on January 11, with increasingly ETF issuers stepping ahead. Current studies unearthed that considered one of China’s largest fund corporations, Harvest Hong Kong, utilized for a Spot Bitcoin ETF launch on January 26.
Based on the report, Harvest Hong Kong, the primary firm to file for a spot Bitcoin ETF in Hong Kong, awaits the Securities and Futures Fee’s (SFC) approval. One other determine to publicize the information was the Chinese language reporter Colin Wu, who shared an X put up on the matter through his official account, Wu Blockchain.
The report additionally hinted on the SFC’s enthusiasm for selling exchange-traded funds (ETFs). The regulators intend to hurry up the ETF approval procedures in a bid to launch the inaugural Spot Bitcoin ETF in Hong Kong after the Spring Pageant.
Hong Kong’s SFC reportedly intends to align with the US Securities and Change Fee’s methods for ETF approvals. Earlier this month, the US SEC accepted the ETF functions filed by nearly 11 monetary giants. Equally, as per the report, Hong Kong might undertake such an method, approving the functions of a number of corporations. Nevertheless, as of now, there are not any different corporations than Harvest Hong Kong within the line.
The report additionally sheds gentle on the expansion of the US ETF market since January 11. As per knowledge, 27 spot Bitcoin ETFs exist within the nation, out of which Grayscale holds a major place with its $20.2 billion market share. Different main gamers embody BlackRock, Constancy, and Proshare.
Reportedly, business consultants in Hong Kong are divided over the notion of imitating the US. Some commented that the transfer would lead to related development for business giants. Nevertheless, others supported subscribing to native spot ETFs, contemplating the notable variations in crypto within the US and China.
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