- Asset manager Harvest Global Investments made the filing.
- The spot Bitcoin ETF comes after similar approvals in the US.
China’s asset manager, Harvest Global Investments, has reportedly filed for a spot Bitcoin ETF with the Hong Kong Securities and Futures Commission (SFC). Local reports indicate that SFC intends to speed up the approval of the spot ETFs, with the first product expected to go live after the Spring Festival.
The filing comes a few weeks after the US Securities and Exchange Commission approved spot Bitcoin ETFs. Reports indicate that the Hong Kong regulator may approve multiple spot ETFs like the US SEC did to level the playing ground. Several Hong Kong financial entities, including Venture Smart Financial Holdings, have shown interest in a spot Bitcoin ETF in 2024.
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Hong Kong Is Attractive Due To Its Pro-Crypto Status
The filing of the first spot Bitcoin ETF underlines Hong Kong’s growing role as a crypto-friendly jurisdiction. In 2023, the city’s regulator, SFC, issued crypto-related regulations, allowing retail and institutional investors to participate more in digital asset activities.
Hong Kong’s crypto friendliness sharply contrasts China’s hard stance on the asset class. Many other countries globally maintain a cautious approach to the asset class.
Crypto exchanges also maintain a keen eye on Hong Kong as the city positions itself as a digital asset hub in Asia. In May 2023, Huobi Exchange began offering retail trading services after submitting a license request to the Hong Kong regulator. Gate.io has also applied for a virtual asset license with SFC.
