Hong Kong to Initiate First Batch of Spot Bitcoin ETFs

Hong Kong to Initiate First Batch of Spot Bitcoin ETFs

By: Eliza Bennet

News sources have indicated that the Hong Kong Securities and Futures Commission (SFC) will potentially endorse the first batch of spot Bitcoin Exchange-Traded Funds (ETFs) by April 15. Included in this initial stage are offerings from multiple established financial institutions, including China Asset Management, Harvest International, and others. This follows a necessary update to the list of virtual asset management funds.

The listing on the Hong Kong Stock Exchange is expected to take a two-week period after approval, but thorough previous planning and communication could expedite the process to 10 days. The listing of these products on the stock exchange is expected to begin around April 25. The imminent approval of these Bitcoin ETFs indicates a potential influx of new investments to Hong Kong and the broader region, and making the country the first in the region to enable spot Bitcoin ETF trading.

The proposed Bitcoin ETFs have been viewed as a response to the success of spot Bitcoin ETFs in the United States, which since their launch earlier this year has seen an impressive surge from about $46,000 to a peak of $73,000. The approval of Hong Kong's initial set of spot Bitcoin ETFs could potentially open the crypto sector to Chinese retail investors and further galvanize the region's cryptocurrency terrain.

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