The Hong Kong Securities Regulatory Commission (SFC) has reportedly sped up the approval process for four exchange-traded funds (ETFs) that track spot Bitcoin (BTC). According to Tencent News, the first batch of spot Bitcoin ETFs is expected to be approved in Hong Kong by April 15. Sources close to the SFC revealed that the regulator initially planned to approve only four spot Bitcoin ETFs in this initial batch. Recent announcements suggest that Boshi Fund and Value Partners Financial are likely to join pending regulatory approval, while Harvest International and China Asset Management have already made progress in leading the way in this cryptocurrency investment advancement.
Once the SFC approves the initial set of spot Bitcoin ETFs, the Hong Kong Stock Exchange will require approximately two weeks to finalize listing procedures and related arrangements. The endorsement of spot Bitcoin ETFs in Hong Kong opens up 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 shift.
During a keynote speech at the HSBC Global Investment Summit, Julia Leung, CEO of the SFC, emphasized the importance of responsible use of innovative technologies like distributed ledger technology and tokenization to enhance efficiency in the financial industry while ensuring investor protection. 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 about three months after the United States Securities and Exchange Commission approved the first batch. Currently, the top 10 spot Bitcoin ETFs manage approximately $57 billion in assets, with the leading trio accounting for more than 88% of the total.
Traditional institutional investors are showing greater interest in cryptocurrency 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, offering secure custody for fiat reserves to collateralize digital assets.
Related: Dfinity has launched a Web3 accelerator platform on the Internet Computer.
Magazine: SBF has been sentenced to 25 years in prison, Fidelity is eyeing ETH staking, and Coinbase has lost a court case. This is Hodler’s Digest for March 24-30.