Hang Seng Fund Applies for Spot Bitcoin ETF
According to a report from the Securities and Futures Commission (SFC) of Hong Kong, just weeks after the US Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded fund (ETF), the first spot Bitcoin ETF application has been submitted to the Hong Kong SFC.
Hang Seng Fund Management (Hong Kong) Limited, one of China's largest fund management companies, submitted an application for a spot Bitcoin ETF to the Hong Kong SFC on January 26. It is reported that the regulatory authority is actively expediting the approval process for the ETF and plans to launch the first Hong Kong spot Bitcoin ETF after the Lunar New Year on February 10.
The Hong Kong regulatory authority may adopt a method similar to that of the US SEC to ensure fair competition and may approve multiple spot ETFs. While Hang Seng Fund may be the first institution to apply for a spot Bitcoin ETF, it may not be the only one. Some regional financial institutions in the country have expressed interest in launching spot Bitcoin ETFs in 2024.
More Institutions in Preparation
According to a report from COINOTAG on January 19, at least 10 financial institutions in the country are actively preparing to launch spot Bitcoin ETFs. Financial giants like Entrepreneur Smart Wealth Financial Holdings have set a target to launch spot ETFs in the first quarter of 2024.
Due to its friendly cryptocurrency regulatory policies, Hong Kong became one of Asia's leading cryptocurrency destinations in 2023. In 2023, the SFC enabled both institutional and retail investors to participate in cryptocurrency activities by formulating regulations focused on cryptocurrencies. Before the US SEC approved the first spot Bitcoin ETF, the Hong Kong SFC indicated that it could accept cryptocurrency-based ETF applications and authorize existing cryptocurrency futures ETFs.
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