It is believed that Hong Kong, a developing financial center, would approve Asia's first spot bitcoin exchange-traded funds (ETFs) this month, solidifying its pro-Bitcoin position.
According to persons familiar with the situation, Hong Kong is set to approve Asia's first spot bitcoin exchange-traded funds (ETFs) this month. The initial approvals are probably going to be revealed the following week, as reported by Reuters and Chinese news outlets, qq.
The clearance process has been accelerated by the Hong Kong Securities and Futures Commission (SFC), establishing Hong Kong as a leader in Asia for Bitcoin ETFs. The action beats industry projections for later this year's debuts.
A number of Chinese financial institutions have lately applied for bitcoin exchange-traded funds (ETFs), including Harvest Fund and China Southern Fund's Hong Kong branches. Spot bitcoin exchange-traded funds (ETFs) offer exposure to real bitcoin instead of derivatives.
On April 15, the SFC is expected to reveal the names of the first batch of spot bitcoin ETFs that have been approved. The funds can then be applied for to be listed on the Hong Kong Stock Exchange, which is anticipated to take ten days, following approvals.
This expedited timescale is indicative of Hong Kong's proactive measures to augment its attractiveness as a worldwide financial center. Additionally, it strengthens the city's support for Bitcoin, as seen by its last-year retail trading license award to cryptocurrency exchange Hashkey.
The announcement follows the extraordinary success of spot bitcoin exchange-traded funds (ETFs) in the US, which drew inflows exceeding $12 billion following their approval in January. Setting the stage for future debuts in other markets, Hong Kong is the first Asian jurisdiction to authorize spot bitcoin ETFs.
The demand for accessible Bitcoin investment products has increased significantly among institutional and individual investors. By using its legal system to satisfy this need, Hong Kong solidifies its status as Asia's emerging Bitcoin center.