On April 10, the Hong Kong Securities and Futures Commission updated its virtual asset management fund company list.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 Asset Management Company and China Asset Management Co., Ltd., two prominent mainland public fund companies, have been added to the updated list.a spot Bitcoin ETF in Hong Kong.
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.”The approval of spot Bitcoin ETFs in Hong Kong comes shortly after the United States Securities and Exchange Commission gave theto similar products in January. The U.S.
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.Hong Kong's Harvest Fund Management Seeks Spot Bitcoin ETF ApprovalAI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.
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