๐๐ Bitcoin enthusiasts, hold on to your hats! Chinese mainland-based equity funds are reportedly applying to launch spot Bitcoin ETFs via their Hong Kong subsidiaries. This comes amid a crypto price surge and Hong Kong's push to become a global fintech hub. ๐๐
Among the applicants is Harvest Fund Management's Hong Kong branch, which launched Asia's first futures crypto ETFs in December 2022. They've been awaiting approval from Hong Kong's Securities & Futures Commission (SFC) since January. ๐๐
Meanwhile, China Asset Management's Hong Kong division is teaming up with licensed crypto exchange HashKey to promote Web 3.0 initiatives in the asset management industry. ๐ค๐ค
Although there's no definitive timeline for spot Bitcoin ETFs in Asia, insiders suggest applications could materialize as early as this quarter. โฐโฐ
Hong Kong's crypto sector is booming! Bitcoin value soared to around $72,000 recently, nearly doubling from its December value. The CSOP Bitcoin Futures ETF, Hong Kong's largest, saw a five-fold increase in assets under management, reaching over $100 million. ๐ฐ๐ฐ
Hong Kong is determined to become a leading global crypto hub. The city plans to regulate OTC trading of virtual assets and enable intermediary institutions to offer various virtual asset services, including futures and ETF trading. ๐ฆ๐ฆ
So, keep your eyes peeled, Bitcoin believers! Exciting times are ahead! ๐๐