Hong Kong’s first Bitcoin spot ETF is here! It will be launched after the Lunar New Year at the earl

Hong Kong’s first Bitcoin spot ETF is here! To be launched as early as next year

The United States approved 11 Bitcoin spot ETF applications in early January, and this trend is now also blowing to Asia!

The Hong Kong branch of Harvest Fund Management, a Chinese asset management company, is rumored to have submitted an application for a Bitcoin spot ETF to the Hong Kong Securities and Futures Commission (SFC), hoping to launch it in Hong Kong after the Lunar New Year. The first Bitcoin spot ETF.

In December last year (2023), the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority issued two announcements stating that they were ready to accept applications for virtual asset spot ETFs and put forward the relevant requirements for approval of the applications. condition.

Earlier this month, the chief operating officer of Hong Kong cryptocurrency exchange HashKey said that there are currently about 10 fund management companies considering launching cryptocurrency spot ETFs in Hong Kong; another large Hong Kong asset company, VSFG, Venture Smart Financial Holdings Ltd.) also plans to launch a Bitcoin spot ETF in Hong Kong in the first quarter of 2024.

Hong Kong’s stablecoin plan is accelerating!

In addition to ETFs, Hong Kong’s stable currency project is also in full swing.

On the 27th of last month, the Hong Kong Financial Services and the Treasury Bureau (Treasury Bureau) and the Hong Kong Monetary Authority (HKMA) jointly issued a public consultation document confirming that relevant institutions that want to participate in the issuance of stable currencies need to obtain a license from the regulatory authority. It is expected to launch a pilot "sandbox" project in 2024.

According to a report by Bloomberg today, Hong Kong financial and technology companies including Harvest Fund, VSFG, and RD Technologies have all expressed interest in the stablecoin issuance business. The Hong Kong Monetary Authority (HKMA) has not responded positively to the specific implementation time of the sandbox project and the actual participating institutions.

A spokesman for the agency told foreign media "The Block" that the sandbox project is for "genuine interest in the issuance of "fiat-reference stablecoin" (FRS, fiat-reference stablecoin) in Hong Kong and to start formulating a reasonable issuance plan. "Designed by the applicant", the Hong Kong Monetary Authority is currently preparing for the launch of the project and will formally announce the relevant details at an appropriate time.

Source: The Block, Bloomberg, Coindesk, Hong Kong Monetary Authority

Review editor: Gao Jingyuan

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