Here’s When Hong Kong Will Announce its Bitcoin ETFs: Report
The global crypto landscape is undergoing a significant transformation as Hong Kong prepares to introduce spot Bitcoin ETFs this month.
On April 10, the Hong Kong Securities and Futures Commission (SFC) updated its virtual asset management fund company list.
According to Tencent News, the SFC will reveal Hong Kong’s first spot Bitcoin ETFs on April 15, and the Hong Kong Stock Exchange will need two weeks to prepare for their release.
Harvest International and China Asset Management’s Listing
Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd., two prominent mainland public fund companies, have been added to the updated list.
On January 26, Harvest International was the first to propose a spot Bitcoin ETF in Hong Kong. After nearly three months, Harvest International obtained approval for “currency circle” asset management, enabling it and China Asset Management to offer related fund products like spot Bitcoin ETFs to the public.
The SFC had initially planned to approve four such ETFs, including those from Harvest International, China Asset Management, Boshi Fund, and Value Partners Financial.
However, the latter two funds were absent from the updated list, with reports suggesting they lack independent licensed responsible persons (ROs) meeting the asset management requirements for the “currency circle.”
China Asset Management formed a temporary team over a month ago to expedite its application process, securing approval from the SFC within two weeks. Other applicants made similar efforts to meet the strict criteria the Hong Kong regulatory authorities set under the “currency circle.”
Limited Crypto Exchange Options
The approval of spot Bitcoin ETFs in Hong Kong comes shortly after the United States Securities and Exchange Commission gave the green light to similar products in January. The U.S. ETFs have gotten substantial assets under management, with the top three accounting for over 88% of the total.
In contrast to the U.S. spot Bitcoin ETF, which can be purchased using legal currency, the Hong Kong products offer an additional subscription option via BTC spot. This means investors can subscribe to the ETF on the Hong Kong Stock Exchange using legal currency or opt to use Bitcoin spot through compliant cryptocurrency exchanges.
However, challenges persist, primarily concerning the limited number of licensed crypto exchanges in Hong Kong. With only two such exchanges currently operating, HashKey and OSL, investors seeking to subscribe to spot Bitcoin have limited options.
Harvest International’s pioneering efforts in submitting the first spot Bitcoin ETF application in Hong Kong also faced obstacles due to the exchanges’ initial unfamiliarity with ETF processes and technology.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Gold prices rebound, but expectations of Fed rate hikes remain upward resistance
Is the "buffer" for US stocks about to disappear?
While Increasing AI Investment and Striving to Control Costs, Oracle (ORCL.US) Adds Another $700 Million in Restructuring Costs for Fiscal Year 2026
Oracle stated in a regulatory filing submitted on Friday that as part of its restructuring plan, which includes layoffs, its costs will increase by approximately $700 million.
Oil prices are Trump’s “big trouble,” while the yen is everyone’s problem
Oil prices are approaching $110 per barrel, with only seven and a half weeks left before the midterm elections, and the probability of the Democratic Party regaining the Senate has surpassed 50%. Political and economic pressures are forcing the White House to seek relief. Meanwhile, the structural appreciation of the yen poses an even deeper global risk—the correction in the U.S.-Japan interest rate differential, large-scale Japanese capital repatriation, and the forced unwinding of carry trades are all likely to simultaneously push up European and American bond yields and awaken the VIX. A cross-asset volatility storm may already be brewing.
Crypto prices
More
