Top Chinese Asset Manager Moves to Launch Bitcoin ETF in Hong Kong
High Chinese language Asset Manager Moves to Open Bitcoin ETF in Hong Kong
The Hong Kong subsidiary of Chinese language asset management firm, Harvest Fund Administration, applied for a situation Bitcoin ETF on Jan. 26.
This marks the major submission of its model in Hong Kong, Tencent News reported on Monday.
The Securities and Futures Price (SFC) is asserted to be expediting acclaim for the ETF’s commence, which is expected to be listed on the Hong Kong Stock Alternate. They design for a commence supreme after Chinese language Unusual one year, that will maybe well maybe flee from Feb. 10 to Feb. 17 this one year.
Harvest Fund Administration is essentially a Chinese language asset management firm offering products and companies to pension and income-sharing plans, insurance companies, and enterprises. As of 2021, the fund managed resources payment $121b.
On January 26, Harvest Hong Kong, one of China’s greatest fund companies, submitted a Bitcoin situation ETF utility to the Hong Kong Securities and Futures Price. Here’s the major establishment in Hong Kong to submit a Bitcoin situation ETF utility. https://t.co/UgMfQ6G8xQ
— Wu Blockchain (@WuBlockchain) January 29, 2024
Harvest didn’t return Cryptonews’ demand for comment by press time, whereas the SFC declined to comment.
This fashion follows the US SEC’s approval of 11 situation Bitcoin ETFs on Jan. 10, marking a predominant milestone for the industry following earlier rejections.
BlackRock’s IBIT, VanEck’s HODL, and Grayscale’s GBTC were among necessary approvals.
Hong Kong prepares to contain situation Bitcoin ETFs
Hong Kong is also interesting to declare the US’ fashion. In December, the SFC and the Hong Kong Monetary Authority jointly offered their readiness to honest glean applications for virtual asset situation ETFs. Additionally, they outlined the expected long-established of behavior for intermediaries distributing these funds.
Hong Kong crypto leaders gaze the SFC favorably paving the formulation for situation Bitcoin ETFs.
Yat Siu, chairman of web3 investor Animoca Brands, talked about that the SFC is initiate to broadening digital asset obtain admission to and pointed to a situation Bitcoin ETF as a barely uncontroversial option.
Julia Leung, CEO of Hong Kong’s SFC, has also conveyed the regulator’s design to take into memoir situation Bitcoin ETFs and its willingness to take into memoir proposals.
Moreover, HashKey Crew’s COO Livia Wend acknowledged early this month that about ten fund companies are all the contrivance thru of readying virtual asset situation ETFs for commence in Hong Kong.
He famed that seven or eight of them were in superior stages of preparation as of Jan. 10.
Crypto oversight intensifies in Hong Kong
Hong Kong already has several futures-essentially based crypto ETFs. These contain Samsung Bitcoin Futures Full of life ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.
No topic its openness to digital resources, Hong Kong is principal for having strict regulations in this dwelling.
Both Hong Kong’s central financial institution and securities regulator tightened crypto regulations after a predominant scandal arresting crypto commerce JPEX, allegedly affecting bigger than 2,000 victims closing one year. A fresh working community will now video show local buying and selling platforms.
Source : cryptonews.com
