The Securities and Futures Commission has received a spot Bitcoin exchange-traded fund (ETF) application from Harvest Fund Management’s Hong Kong division.
According to a Tencent News article, Harvest Fund Hong Kong has applied for a spot Bitcoin ETF with the Hong Kong Securities Regulatory Commission (SFC) since the local government has indicated that it is willing to approve spot cryptocurrency ETFs.
Harvest Fund remained silent on the subject as of the time of publication. According to the article, the SFC is inclined to approve the ETF’s listing on the Hong Kong Stock Exchange after the Chinese New Year, which ends on February 11.
Tencent News speculates that the SFC may adopt the U.S. practice of concurrently approving applications from several enterprises. According to the study, Harvest Fund is now the only organization to have formally applied to a spot Bitcoin ETF.
Prior to this, it was revealed that Hong Kong-based financial services company Venture Smart Financial Holdings Limited is preparing to launch its spot Bitcoin ETF in the city in Q1.
According to Bloomberg, which cited persons with knowledge of the situation, Harvest Fund’s affiliate Harvest Global Investments Ltd. is in talks with the Hong Kong Monetary Authority over potential stablecoin experiments known as regulatory sandboxes in addition to spot Bitcoin ETFs.
By the end of Q1, Hong Kong is anticipated to release its stablecoin regulations. With more than $210 billion in assets under administration, Harvest Fund administration is among China’s biggest asset management companies. Mutual funds, pension funds, and other investment vehicles are just a few funds the financial behemoth handles.
