Hong Kong regulators will give the go-ahead for a bitcoin exchange-traded fund (ETF) application as early as next week, officials said. That means ETFs investing directly in bitcoin could begin trading as early as April.
The expected approval of the Hong Kong #bitcoin spot #ETF will come about three months after the Securities and Exchange Commission approved the first cluster in the US.
The investment landscape will change dramatically as traditional institutional and retail investors in Hong Kong gain access to bitcoin.
Hong Kong could become the first city in Asia to offer bitcoin ETFs.
Sources familiar with the matter told Reuters that Hong Kong's Securities and Futures Commission (SFC) could approve the first set of applications for a bitcoin (BTC)-listed fund by April 15.
Harvest Hong Kong, Hong Kong-based China Asset Management, Harvest Fund Management and Bosera Asset Management have already submitted spot applications for bitcoin-ETF funds to the SFC.
As previously reported by ZyCrypto, up to 10 financial institutions are planning to apply to list #BTC ETFs in Hong Kong. Reuters reported that Hong Kong regulators have expedited the approval process and the fund will likely begin trading as early as this month.
It's worth noting that Hong Kong's regulator has been trying to soften its approach to cryptocurrencies in recent months in an effort to become a global center for the #cryptocurrency sector.
Meanwhile, in mid-January, bitcoin ETFs from major Wall Street firms such as BlackRock and Fidelity began trading on U. S. exchanges. Despite the constant outflow of money from GBTC, ETF assets have reached $58 billion. The demand has pushed the cryptocurrency, the largest by market capitalization, to an all-time high of $73,737 last month.
The Asian cryptocurrency market is arguably much larger than the U. S. in terms of trading volume. This means that the launch of an ETF in Hong Kong could attract a significant amount of money to the fund.
Read us at: Compass Investments
