Mid-April anticipated for Hong Kong’s approval of pioneering Bitcoin ETF
Hong Kong’s crypto market is set to experience a significant breakthrough as the Securities and Futures Commission (SFC) reportedly prepares to approve the first batch of spot Bitcoin exchange-traded funds (ETFs) in the region. According to Tencent News, sources close to the SFC have revealed that the approval is expected to take place by April 15. Initially, the SFC planned to approve four spot Bitcoin ETFs in the first batch. However, it has been discovered that at least two applications did not meet the requirements for crypto asset management in Hong Kong. As a result, the timing and recipients of permission to offer the first spot Bitcoin ETFs in the region remain uncertain.
Several Hong Kong-based companies, as well as proxies from mainland China, have expressed their interest in launching spot crypto ETFs. China Southern Fund, Harvest Fund, Jiashi Fund, Huaxia Fund, and Southern Fund have all submitted applications through their Hong Kong arms and are currently awaiting regulatory approval.
Once the SFC approves the first batch of spot Bitcoin ETFs, the Hong Kong Stock Exchange will require approximately two weeks to prepare for product listing and other necessary procedures.
The potential approval of spot Bitcoin ETFs in Hong Kong may follow three months after the US Securities and Exchange Commission’s approval of the first batch of such ETFs in the US. Currently, the top 10 spot Bitcoin ETFs manage around $57 billion, with the top three accounting for over 88% of the total.
In other news, Hong Kong’s largest futures Bitcoin ETF has experienced a surge of 500% in assets under management (AUM).
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