{"id":69442,"date":"2024-01-20T17:52:57","date_gmt":"2024-01-20T21:52:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=69442"},"modified":"2024-01-20T17:54:53","modified_gmt":"2024-01-20T21:54:53","slug":"hong-kong-firm-vsfg-aims-for-spot-bitcoin-etf-launch-in-q1","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hong-kong-firm-vsfg-aims-for-spot-bitcoin-etf-launch-in-q1\/","title":{"rendered":"Hong Kong Firm VSFG Aims for Spot Bitcoin ETF Launch in Q1"},"content":{"rendered":"\n

Venture Smart Financial Holdings Limited, a financial services firm based in Hong Kong<\/a>, is set to introduce its spot Bitcoin exchange-traded fund (ETF) in the city in Q1.<\/p>\n\n\n\n

\"Hong
Hong Kong Firm VSFG Aims for Spot Bitcoin ETF Launch in Q1<\/figcaption><\/figure>\n\n\n\n

Brian Chan, the group head of investment and product at Venture Smart Financial\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, shared in an interview with Bloomberg that the company aims to accumulate up to $500 million in assets under management by the end of 2024, recognizing the immense potential in the market.<\/p>\n\n\n\n

\n

\u201cIt\u2019s a market that has huge potential. Our goal is $500 million in assets under management by the end of this year.\u201d <\/p>\n<\/blockquote>\n\n\n\n

Brian ChanHong Kong regulators have thus far approved only three futures Bitcoin ETFs: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures. <\/p>\n\n\n\n

In late December 2023, the Securities and Futures Commission<\/a> (SFC) and the Hong Kong Monetary Authority (HKMA) jointly announced their readiness to consider applications for the authorization of funds with exposure to cryptocurrencies, including spot ETFs.<\/p>\n\n\n\n

A spokesperson for Samsung Asset Management stated that the company does not rule out the possibility of launching a spot crypto ETF; however, the specific timeframe for filing in the region remains uncertain.<\/p>\n\n\n\n

Earlier in January, Hong Kong Legislative Council member Johnny Ng urged the city to foster innovation in the crypto space, emphasizing the region\u2019s readiness to lead in Asia by implementing relevant policies and products. <\/p>\n\n\n\n

Ng particularly underscored the importance of establishing Hong Kong as a global hub in the virtual asset sector, emphasizing the industry\u2019s rapid developments and competitive nature.<\/p>\n\n\n\n

As reported, the SFC\u2019s updated guidelines facilitate both in-kind and in-cash subscription and redemption processes for spot ETFs. Management companies are instructed to transfer cryptocurrencies to the custody accounts of SFC-authorized providers, with valuation relying on an indexing approach using trade volume data from major crypto trading platforms.<\/p>\n\n\n\n

Hong Kong\u2019s decision to greenlight spot Bitcoin ETFs aligns with the U.S. Securities and Exchange Commission\u2019s approval of all applications for such funds. However, SEC Chair Gary Gensler <\/a>clarified in a statement that the agency \u201cdid not approve or endorse Bitcoin.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Venture Smart Financial Holdings Limited, a financial services firm based in Hong Kong, is set to introduce its spot Bitcoin exchange-traded fund (ETF) in the city in Q1. Brian Chan, the group head of investment and product at Venture Smart Financial , shared in an interview with Bloomberg that the company aims to accumulate up […]<\/p>\n","protected":false},"author":43,"featured_media":69444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1613,1134,18000],"class_list":["post-69442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-etf","tag-hong-kong","tag-vsfg"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/croc_1705785553590.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/69442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=69442"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/69442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/69444"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=69442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=69442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=69442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}