Main funding agency Harvest Hong Kong has formally submitted an software for a Spot Bitcoin ETF to the town’s Securities and Futures Fee (SFC). The event comes on the heels of the US greenlighting the primary spot Bitcoin ETF, setting a precedent for world markets.
The SFC has reportedly streamlined its approval course of and the launch of the area’s first spot Bitcoin ETF is scheduled for after the Lunar New 12 months. February 10. This proactive stance may result in Hong Kong approving a number of ETFs and fostering honest competitors within the fast-growing sector.
This information isn’t just a solo effort, however a part of a broader ensemble.that is all 10 monetary establishments Amongst them, Enterprise Good Monetary Holdings goals to launch its ETF product in early 2024.
Trade gamers comparable to Samsung Asset Administration, which owns current futures-based crypto ETFs, are additionally contemplating becoming a member of the fray. Hong Kong’s crypto-friendly regulatory framework, established in 2023, has paved the best way for each institutional and retail buyers to extra absolutely interact with the crypto market.
