The Hong Kong Securities Regulatory Commission (SFC) is said to have accelerated the approval process for four spot Bitcoin (BTC) exchange-traded funds (ETFs). According to Tencent News, the first set of spot Bitcoin ETFs is expected to be approved in the region by April 15. Sources close to the SFC have revealed that the regulator initially planned to approve only four spot Bitcoin ETFs in the first batch. Recent announcements indicate that while Boshi Fund and Value Partners Financial are awaiting regulatory approval, Harvest International and China Asset Management have already made progress in leading this cryptocurrency investment advancement.
Once the Hong Kong Securities and Futures Commission approves the initial set of spot Bitcoin ETFs, it will take approximately two weeks for the Hong Kong Stock Exchange to finalize listing procedures and related arrangements. The upcoming endorsement of spot Bitcoin ETFs in Hong Kong presents numerous opportunities for institutional and individual investors. As retail investors gain access to Bitcoin investments through ETF purchases, the investment landscape is on the verge of a significant transformation.
During a keynote speech at the HSBC Global Investment Summit, Julia Leung, CEO of the SFC, emphasized the importance of responsibly utilizing innovative technologies like distributed ledger technology and tokenization to enhance efficiency in the financial industry while safeguarding investor interests. Leung also highlighted efforts to align corporate reporting standards with sustainability disclosure standards and promote informed investment decisions that align with sustainability goals.
The anticipated approval of spot Bitcoin ETFs in Hong Kong comes approximately three months after the Securities and Exchange Commission approved the first batch of such ETFs in the United States. Currently, the top 10 spot Bitcoin ETFs manage around $57 billion in assets, with the leading trio accounting for over 88% of the total. Traditional institutional investors are showing increased interest in cryptocurrencies as stock market performance becomes lackluster.
In a bid to boost local adoption of Web3, ZA Bank in Hong Kong recently announced plans for specialized banking services for stablecoin issuers. This includes secure custody for fiat reserves to back digital assets, as announced on April 5.
Magazine: SBF has been sentenced to 25 years in prison, Fidelity is exploring ETH staking, and Coinbase has faced a court defeat: Hodler’s Digest, March 24–30.