Hong Kong Poised to Unveil First Spot Bitcoin ETFs on April 15
Hong Kong’s securities regulator aims to approve the first batch of Spot Bitcoin ETFs on April 15.
However, their availability is expected to commence roughly two weeks after approval, Tencent News reported Wednesday. Financial analysts were quoted as projecting that the first Spot Bitcoin ETF in Hong Kong could reach a size of $20b. This would be smaller than similar products currently available in the US.
The SFC reportedly updated the list of authorized fund companies ahead of the initial approval announcement on April 15. It included Chinese asset managers Harvest Global Investment and China Asset Management on this list.
This gives them the ability to issue crypto-related fund products, including Spot Bitcoin ETFs. Harvest had applied for the ETF on Jan. 26. The ETF sponsors have already begun discussing listing with the Hong Kong Stock Exchange.
Hong Kong signaled its openness to approving Spot Bitcoin ETFs in December, echoing recent trends in the US. The SFC collaborated with the Hong Kong Monetary Authority (HKMA). And they announced their readiness to accept applications for these virtual asset products.
Further, they established clear guidelines for intermediaries involved in the distribution of these funds.
They emphasized that spot crypto investment products must adhere to the same stringent requirements Hong Kong regulators established for traditional mutual funds and other structured investment products.
The SFC further stipulated that product issuers must demonstrate a history of strong regulatory compliance. Additionally, they must employ at least one qualified staff member with relevant experience in managing virtual assets or similar products.
The regulator also said these products will not be allowed to use
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