An important development in the city’s cryptocurrency market is the rumored approval of the spot Bitcoin exchange-traded fund by Hong Kong’s Securities and Futures Commission.
According to various sources close to the Hong Kong Securities and Futures Commission, Hong Kong is preparing to approve the first set of spot Bitcoin ETFs in the region by April 15.
The Hong Kong regulator had only intended to approve four Bitcoin ETFs in the first spot for the first batch. The most recent modifications, however, showed that at least two programs failed to satisfy Hong Kong’s criteria for crypto asset management. It’s yet unclear when and to whom approval will be granted to offer the first Bitcoin ETFs in the area.
At the moment, a number of mainland Chinese proxies and Hong Kong-based businesses have expressed interest in starting exchange-traded funds for spot cryptocurrency.
After submitting applications through their Hong Kong subsidiaries, China Southern Fund, Harvest Fund, Jiashi Fund, Huaxia Fund, and Southern Fund are awaiting regulatory approval.
About two weeks will pass until the Hong Kong Stock Exchange becomes ready to list products and take care of other issues once the Securities and Futures Commission of Hong Kong approves the first batch of spot Bitcoin ETFs.
Three months after the U.S. Securities and Exchange Commission approved the first set of spot Bitcoin ETFs in the country, spot Bitcoin ETFs may be approved in Hong Kong. Thus far, the top ten Bitcoin ETFs have managed almost $57 billion, with the top three making up more than 88% of the total.
