According to reports, the Hong Kong Securities and Futures Commission (SFC) is said to be speeding up its review of four proposed Bitcoin spot exchange-traded funds (ETFs) from various applicants.
Based on reports from Tencent News, a regional news source, the initial approval for Bitcoin spot Exchange-Traded Funds (ETFs) is anticipated to occur by April 15.
According to several reliable sources familiar with the Hong Kong Securities and Futures Commission, the initial plan of the Hong Kong regulatory body was to give the green light to just four Bitcoin ETF proposals during the first round of approvals.
According to recent reports, Boshi Fund and Value Partners Financial are preparing to enter the cryptocurrency investment scene once they receive regulatory approval. On the other hand, Harvest International and China Asset Management have already forged ahead and made significant strides in this area.
Boshi Fund and Value Partners Financial are reportedly close to securing regulatory approval and entering the market, while Harvest International and China Asset Management have already made substantial progress in this regard.
Once the Securities and Futures Commission of Hong Kong approves the first batch of Bitcoin Spot ETFs, it will take around two weeks for the Hong Kong Stock Exchange to finish the necessary listing processes and preparations.
A forthcoming approval of Bitcoin ETFs for trading in Hong Kong markets brings exciting opportunities for both institutions and individual investors. With retail investors now able to invest in Bitcoin through ETF transactions, the financial terrain is poised for a major transformation.
During her keynote address at the HSBC Global Investment Summit, Julia Leung, CEO of the SFC, underscored the importance of using advanced technologies such as distributed ledger technology and tokenization responsibly in the financial sector. This approach would enhance industry efficiency while maintaining investor safeguards.
Furthermore, Leung emphasized the importance of coordinating business reporting guidelines with sustainability transparency requirements. This alignment aims to facilitate well-informed investment choices in line with sustainability objectives.
If SEC approves the first Bitcoin spot ETFs in the United States, it is expected that Hong Kong’s securities regulatory body will follow suit approximately three months later.
At present, the combined assets of the top 10 Bitcoin ETFs amount to around $57 billion. The front-runners among them account for over 88% of this total.
With the stock market delivering lackluster results, conventional investment firms are showing increased curiosity towards cryptocurrencies.
To increase the use of Web3 technology in Hong Kong, ZA Bank has proposed a new banking service tailored for stablecoin creators. This service includes safekeeping for the equivalent fiat currency necessary to back up their digital assets, as revealed on April 5th.
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2024-04-10 12:26