Harvest Hong Kong leads the charge with Hong Kong spot Bitcoin ETF application: Report

Hong Kong has reportedly received its archetypal exertion for a spot Bitcoin (BTC) exchange-traded money (ETF) successful the city-state.

According to a Jan. 29 Tencent report, Harvest Hong Kong, 1 of China’s starring money managers, submitted the archetypal exertion to the Securities and Futures Commission (SFC) connected Jan. 26.

This improvement is arriving conscionable implicit a period aft Hong Kong’s fiscal regulators—SFC and the Hong Kong Monetary Authority (HKMA)—revealed their willingness to let fiscal institutions to use for spot ETFs concern products. However, the regulators outlined stringent requirements for the applicants, including strict custodial rules and however the ETF transactions indispensable beryllium conducted done an SFC-licensed crypto level oregon authorized fiscal institutions that comply with HKMA’s regulatory requirements.

Nevertheless, Harvest Hong Kong’s swift exertion shows the preparedness and involvement these products person generated since they were introduced successful the U.S. The ETFs would beryllium pivotal successful integrating crypto into mainstream finance, and their motorboat would assistance capitalize connected the region’s burgeoning request for them.

Expedite approval

Meanwhile, the regulatory authorities successful Hong Kong are demonstrating a willingness to expedite the support process for ETF applications. The ETFs could beryllium listed connected the Hong Kong Stock Exchange soon aft the Chinese New Year, scheduled for Feb. 10.

This attack is reminiscent of the U.S. Securities and Exchange Commission (SEC), which approved aggregate ETF applications from respective fiscal institutions, including BlackRock and Fidelity, aft rejecting specified products for implicit a decade.

Only Harvest Hong Kong has applied with the regulator contempt respective fiscal institutions’ expressions of interest successful specified products. CryptoSlate reported that arsenic galore arsenic 10 firms, including HashKey, Venture Smart Financial Holdings, Samsung Asset Management, and CSOP Asset Management, are exploring the feasibility of launching spot Bitcoin ETFs successful the Asian city.

Bitcoin ETFs person generated overmuch involvement and attraction globally acknowledgment to their record-breaking entranceway into the U.S. market. Within conscionable 10 trading days, the ETFs person importantly altered the marketplace arsenic they person amassed a important amount of the apical cryptocurrency for their fund.

The station Harvest Hong Kong leads the complaint with Hong Kong spot Bitcoin ETF application: Report appeared archetypal connected CryptoSlate.